77-4-121. Provisions of the lease.
77-4-121. Provisions of the lease. (1) A lease issued by the board gives the lessee, so long as the lessee complies with the terms and conditions of the lease, the exclusive right of possession of the lands or interests leased, subject to conditions contained in the lease.
(2) In a geothermal resource lease granted there is reserved to this state the right to sell, lease, or otherwise dispose of the surface of the lands covered by the lease subject to the rights and privileges granted the lessee under the terms of the lease.
(3) A lease must specify the rental and royalty to be paid, reasonable forfeiture provisions, and reasonable terms under which the lessee may, within a specified time, remove property placed on the leased lands upon the termination of the lease by forfeiture or by lapse of time.
(4) The lease may contain other provisions that the board and the lessee agree upon that are not inconsistent with this part.
History: En. 81-2604 by Sec. 4, Ch. 111, L. 1974; R.C.M. 1947, 81-2604(part); amd. Sec. 2561, Ch. 56, L. 2009.