New Mexico Administrative Code
Title 19 - NATURAL RESOURCES AND WILDLIFE
Chapter 2 - STATE TRUST LANDS PART 24 CULTURAL PROPERTIES PROTECTION
Part 2 - LEASING FOR GENERAL MINING
Section 19.2.2.46 - TERTIARY TERM OF MINERAL LEASE
Universal Citation: 19 NM Admin Code 19.2.2.46
Current through Register Vol. 35, No. 18, September 24, 2024
A. If minerals are not produced or mined in paying quantities during the primary or secondary term, then the lease may be continued into the tertiary term. The tertiary term shall be five years and so long thereafter as minerals are produced or mined in paying quantities.
B. Annual rent during the tertiary term shall be three dollars per acre, which amount shall be paid each year in advance.
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