N.M. Admin. Code § 19.2.2.46

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

Section 19.2.2.46 - TERTIARY TERM OF MINERAL LEASE

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.

N.M. Admin. Code § 19.2.2.46

19.2.2.46 NMAC - N, 3/14/2001