As others have alluded to, spell everything out in a written and signed agreement. Assume nothing, no matter how trivial.
Talk to your insurance company about liability. Ask the horse people about their insurance, and how it covers them on your land.
I'd consider a short term lease - say 1 or 2 years so you have something of an out if you don't want to renew it. I'm sure there are also legal implications if they're paying for the land vs. you allowing them to use it for free (even if it's a small token amount).
It's unfortunate that the land of the free has become the land of the lawsuit - but you can't fight it. Being nice and helpful is kind of a thing of the past.
You've got to look at this as one potentially devestating lawsuit, and work backwards from there, covering every angle now, before something happens.
One odd issue I'd cover with them - especially this being a horse shelter group which I'm sure has a higher rate of horse deaths - but what do they do with the dead horses? If they want to bury them on your land, you better take a close look at your local rules on that, you might be surprised at what you find. Depending on where you live, there could be some real heavy fines involved.
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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