N.M. Admin. Code § 19.2.2.45

Current through Register Vol. 35, No. 23, December 10, 2024

Section 19.2.2.45 - SECONDARY TERM OF MINERAL LEASE

A. If minerals are not produced or mined in paying quantities during the primary term, then the lessee may continue the lease in full force and effect through a secondary term. The secondary term shall be two years and so long thereafter as minerals are produced or mined in paying quantities.

B. Annual rent during the secondary term shall be ten dollars per acre, which amount shall be paid each year in advance.

N.M. Admin. Code § 19.2.2.45

19.2.2.45 NMAC - N, 3/14/2001