N.M. Admin. Code § 19.2.8.12

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

Section 19.2.8.12 - SUBLEASING

A. The sublease of an agricultural lease or any portion thereof may be made only with the prior written consent of the commissioner.

(1) A sublease without the written consent of the commissioner prior to such use or occupancy commencing shall be in violation of Sections 19-6-3 and 5 NMSA 1978.

(2) Sublease applications not submitted to the commissioner for approval within thirty (30) days of their actual execution shall be rejected.

B. Applications to sublease shall be made under oath, on forms prescribed by the commissioner and shall be accompanied by the first year's sublease payment.

C. The sublease payment shall be made by the lessee, in advance, in addition to the annual lease rental, in an amount equal to twenty percent (.20) of the current annual lease rental, but in no instance less than the minimum rent in the schedule of fees for each year or any portion of a year in the sublease term.

(1) Sublease payments shall be computed on an annual basis from October 1st of each year to the following September 30th, and shall be due on the date of sublease application and thereafter, following sublease approval, on the date the annual lease rental is due.

(2) Sublease payment for a portion of a year shall not be prorated but shall be in the same amount as the sublease payment for a full year.

D. No sublease term shall extend beyond the term of its base lease and lease assignment shall result in the automatic termination of any sublease.

N.M. Admin. Code § 19.2.8.12

3/11/81, 1/20/84, 9/30/85, 4/8/87, 12/1/92, 6/29/96; 19.2.8.12 NMAC - Rn, 19 NMAC 3 SLO 8.12, 09/30/02; A, 04/15/10