Okla. Admin. Code § 385:25-1-5

Current through Vol. 42, No. 4, November 1, 2024

Section 385:25-1-5 - Awarding or renewal of surface lease

(a)Agricultural lease terms. All surface leases for agricultural purposes will be appraised for market value annual rental and offered at public bid for terms not to exceed five (5) years at not less than the appraised market value.

(b)Short term commercial leases. The granting of a commercial lease for three (3) years or less must be at not less than fair market value but does not have to be publicly bid.

(c)No renewal rights. All rights under an agricultural lease expire when the lease term expires and no renewal right exists.

(d)Lessee in default. The Commissioners may refuse any bid for a surface lease where the party bidding is in default of any monies due or in violation of any provision of a prior or current lease contract.

Okla. Admin. Code § 385:25-1-5

Amended at 16 Ok Reg 1451, eff 5-27-99; Amended at 29 Ok Reg 1306, eff 6-25-12