Section R. 299.4007 - Leases; form; lessor to determine terms; issuance in name of successful bidder required; responsibility for compliance with terms of leaseRule 7.
(1) A lease must be on a form prescribed by the lessor.(2) The lessor shall determine the royalty and rental rates, primary lease term, and other lease terms.(3) A lease on land offered at public auction must be issued in the name of the successful bidder or bidders at the time of auction or the party or parties designated by them at the time of auction.(4) The lessee is responsible for compliance with all terms and conditions of the lease.Mich. Admin. Code R. 299.4007
1984 AACS; 2018 MR 4, Eff. 2/9/2018