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(1) make written original application to the advisory board executive committee and to the board on forms prescribed by the board in conjunction with the advisory board executive committee;
(2) own or hold under lease a commercial farm which contributed more than one-half of the farmer's or rancher's gross income from all income sources for the taxable year 1976; and
(3) comply with any condition imposed by the board for financial assistance pursuant to authority granted the board under Section 73-20-3.