N.M. Admin. Code § 19.2.21.14

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

Section 19.2.21.14 - CLOSING AN EXCHANGE

A. Closing of the exchange must occur within ninety (90) days of the auction, except that this period may be extended as necessary in the commissioner's sole discretion.

B. On the date of closing, the successful bidder, if any, shall be required to convey the non-trust lands to be used as in-kind payment to commissioner and to otherwise pay the full amount bid through such conveyance, monetary payment or any combination thereof. The exchange of trust lands for non-trust lands shall be consummated in accordance with the exchange agreement by a simultaneous exchange of conveyancing documents and monetary payment, if any, between the commissioner and the exchange party or parties unless the exchange is part of a series of exchanges covered by a running exchange account agreement as provided in Subsection G of 19.2.21.8 NMAC.

C. If the commissioner accepts in-kind payment for all or part of the payment the commissioner and the applicant shall enter into a written exchange agreement. The exchange agreement may include, but shall not necessarily be limited to, legal descriptions of the trust land and non-trust land to be exchanged; an ALTA survey of the non-trust land unless waived by the commissioner; a statement of the comparative value of the tracts to be exchanged; a closing date; a description of the conveyance documents to be exchanged (which may be accomplished by attaching forms of such documents as exhibits); a listing of all documents to be exchanged at the closing, including conveyance documents and any title insurance policy documents; a statement that the exchange party has complied with applicable legal obligations and requirements with respect to the non-trust lands such as the payment of property taxes, and compliance with environmental, zoning, cultural properties or other applicable laws, as may be appropriate; any applicable escrow provisions; a statement as to when the parties shall be entitled to take possession of the lands being exchanged; a statement regarding notification of the exchange to the beneficiary institutions; a statement regarding the payment of exchange costs and improvement value; a provision for termination of the exchange agreement; standard contractual provisions (such as amendments, entire agreement, governing law); and any other terms or conditions the parties find appropriate.

N.M. Admin. Code § 19.2.21.14

19.2.21.14 NMAC - Rp, 19.2.21.12 NMAC, 06/29/12