N.M. Admin. Code § 19.2.2.48

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

Section 19.2.2.48 - ADVANCE ROYALTY DURING QUATERNARY TERM

A. In the eleventh year of the lease, the lessee shall pay, in addition to rent, ten dollars per acre as an advance royalty.

B. In the twelfth year of the lease, the lessee shall pay, in addition to rent, twenty dollars per acre as an advance royalty.

C. In the thirteenth year of the lease, the lessee shall pay, in addition to rent, thirty dollars per acre as an advance royalty.

D. In the fourteenth year of the lease, the lessee shall pay, in addition to rent, forty dollars per acre as an advance royalty.

E. In the fifteenth year of the lease, the lessee shall pay, in addition to rent, fifty dollars per acre as an advance royalty.

N.M. Admin. Code § 19.2.2.48

19.2.2.48 NMAC - N, 3/14/2001