N.M. Admin. Code § 19.2.9.7

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

Section 19.2.9.7 - DEFINITIONS

As used in 19.2.9 NMAC, the following terms have the meaning set forth in this section. A business lease may add detail to a definition to accommodate lease specific issues.

A."Approval" means written approval and includes only that which has been expressly approved and nothing further which might be implied.

B."Assignment" means any direct or indirect transfer of a lessee's interest in a business lease or improvements, including, but not limited to, any conditional transfer or transfer by operation of law.

C."Authorized improvements" means improvements which have the approval of the commissioner prior to being placed, developed, created, or constructed on, or obtained or developed for the benefit of, or made appurtenant to trust lands, or which have subsequently received that approval.

D."Bid lease" means a business lease entered into by the commissioner after the public advertisement and public auction required by the Enabling Act.

E."Business lease" means a written lease of trust lands issued under this rule, 19.2.9 NMAC, for business, commercial, residential, industrial, or real estate planning and development purposes, or for surface uses that are not otherwise provided for under other state land office rules. The commissioner, in the commissioner's discretion, shall resolve any uncertainty about whether a lease is a business lease.

F."Collateral assignment" means the conditional assignment to a creditor as security for a debt of a lessee's personal property interest in a business lease or improvements.

G."Commissioner" means the commissioner of public lands. The commissioner is the executive officer of the state land office and may delegate to state land office staff the performance of duties required of the commissioner under this rule.

H."Improvements" means any of the following:

(1) any item of tangible property developed, placed, created or constructed on trust lands including, but not limited to, buildings, roadways, equipment and fixtures;

(2) water rights appurtenant to trust lands, including without limitation any water rights developed or used on trust land for the benefit of the trust land; and,

(3) any tangible or intangible property, rights, approvals or privileges obtained or developed for the benefit of, or made appurtenant to, trust lands that are designated as improvements in a business lease.

I."Improvement value credit" means a credit granted by the commissioner for permanent improvements which entitles the holder of the credit to certain rights upon the subsequent lease or sale of trust lands as provided in this rule and in a business lease.

J."Lessee" means the party of record at the state land office, who leases trust land from the commissioner under a business lease.

K."Mortgage" means the mortgage to a creditor as security for a debt of a lessee's personal property interest in a business lease or improvements.

L."Non-bid lease" means a business lease entered into by the commissioner without public advertisement and public auction for a term not to exceed five years, or for a term not to exceed twenty-five years pursuant to Section 19-7-54 or 19-7-55 NMSA 1978.

M."Permanent improvements" means those authorized improvements that a business lease specifies shall not be removed upon the termination of the lease. "Permanent improvements" shall include water rights appurtenant to trust land and equipment and fixtures necessary for the development of the water.

N."Removable improvements" means authorized improvements that are not permanent improvements.

O."Rent" means the total of estimated rent payments, including all periodic rents with applicable rent adjustments, percentage rents, initial or periodic fees, or any other incentive payment due during the lease term, and any other payments identified as rent in a business lease.

P."Rent adjustment" means a periodic increase of any rent amount.

Q."Schedule of fees" means a list of fees that must be paid for performance of certain administrative functions. The schedule of fees shall be published on the state land office website and is subject to change at the discretion of the commissioner. Unless otherwise noted in the schedule of fees or in this rule, the fee shall be non-refundable.

R."State land office" means the New Mexico state land office.

S."Sublease" means a transaction or arrangement whereby a business lessee transfers to another either the use or possession of all or part of leased trust land, or the management and control of all or part of the improvements located on leased trust land.

T."Termination" means the end of a business lease whether by cancellation, relinquishment or the expiration of the lease term.

U."Trust" means the land trust established by the Enabling Act (Act of June 20, 1910, 36 Statutes at Large 557, Chapter 310), and that trust's assets, which are administered through the state land office by the commissioner.

V."Trust land" means all land owned by the trust.

W."Unauthorized improvements" means improvements that have not received the commissioner's approval.

N.M. Admin. Code § 19.2.9.7

19.2.9.7 NMAC - N, 5/15/2001, Amended by New Mexico Register, Volume XXVII, Issue 12, June 30, 2016, eff. 6/30/2016, Amended by New Mexico Register, Volume XXX, Issue 11, June 11, 2019, eff. 6/11/2019