Section 97-7-002 - Stipulations for Improvements The lessee agrees to only those stipulations that are applicable to his particular improvement request.
002.01 To submit to the Board of Educational Lands and Funds within sixty (60) days following construction, a certified statement of all construction costs, and list all cost sharing they received. Copies of all receipts for any materials, labor or other cost involved must be attached to the Certified Statement of Cost.002.02 That construction will be completed within one year immediately following the date of the Board approval or within the year proposed in the Great Plains Contract, if approved by the Board.002.03 That at such time the land is offered for sale or lease to accept the appraised valuation as determined by the Board or its representative on the improvements listed herein that cannot be removed without damaging the land or other property. On the improvements listed herein that can be removed without damaging the land or other property the lessee may either accept the appraised valuation of the Board, transfer ownership thereof to the new lessee, or remove the improvements as personal property.002.04 That certain improvement items listed herein are considered personal property and may be removed by the lessee provided said removal can be done without damage to the land, improvements, or other property. The lessee may elect at the expiration or termination of the lease to transfer ownership of said improvements to the new lessee with the understanding that said improvements shall then become the personal property of the new lessee. If lessee elects at the expiration or termination of the lease to leave the improvements described as personal property on the land, the lessee agrees it shall become property of the land and the lessee will not be compensated for same.002.05 That any costs incurred in purchasing, establishing, constructing or installing the improvements herein listed will be fully depreciated at the expiration or termination of the lease and the lessee will not be compensated for the same.002.06 That approval by the Board is null and void if the agreement is not properly completed and returned to the Board of Educational Lands and Funds within thirty (30) days after notification of the Board approval.002.07 That failure to comply with the requirements which apply to each request will result in total forfeiture of all right, title and Interest in the improvements.002.08 That pivot irrigation systems, whether leased or financed, shall not constitute an improvement to the school land as contemplated by Section 72-240.07, but shall be considered personal property of the lessee. If at the expiration or termination of the lease, the lessee elects not to remove the pivot system as described herein, then he may either transfer ownership thereof to the new lessee or the company which holds a security interest thereon within three (3) months of the date the lease terminates, or if no such transfer is made within the allotted three (3) months, the lessee agrees that the pivot system shall become the property of the State and that he shall have no right to compensation therefore.002.09 That the appraised valuation, or value to the land, of this improvement shall not exceed the principal amount of the original net cost of its purchase, establishment, construction or installation actually paid or incurred by the lessee who placed or made this improvement on educational land.97 Neb. Admin. Code, ch. 7, § 002