N.M. Admin. Code § 19.2.2.47

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

Section 19.2.2.47 - QUATERNARY TERM OF MINERAL LEASE

A. If minerals are not produced or mined in paying quantities during the primary, secondary or tertiary term, then the lease may be continued into the quaternary term. The quaternary term shall be five years and so long thereafter as minerals are produced or mined in paying quantities.

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

N.M. Admin. Code § 19.2.2.47

19.2.2.47 NMAC - N, 3/14/2001