Oklahoma Administrative Code
Title 385 - Department of the Commissioners of the Land Office
Chapter 25 - Surface Leasing for Agricultural and Commercial Purposes
Section 385:25-1-34 - Procedure for bidding for commercial leases
Universal Citation: OK Admin Code 385:25-1-34
Current through Vol. 42, No. 1, September 16, 2024
(a) Short term commercial leases. Commercial leases with a term of three (3) years or less must be for annual rent of not less than fair market rental value, but no public bidding is required.
(b) Long term commercial leases. Commercial leases with a term of over three years shall be at public bidding for annual rent of not less than fair market rental value. The following procedures will be followed:
(1)
Advertisement. The method
for advertising the leases for public bid shall be at the sole discretion of
the CLO in such manner as to best provide the information to prospective
lessees.
(2)
Minimum
bid. No bid shall be accepted which is below the minimum fair market
value.
(3)
Right to
refuse. The CLO reserves the right to refuse any and all bids.
(4)
Minimum cash deposit.
Successful high bidder at auction shall pay the first year's annual rent at the
time of the auction.
Added at 16 Ok Reg 1451, eff 5-27-99
Disclaimer: These regulations may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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