N.M. Admin. Code § 19.2.2.45
Current through Register Vol. 36, No. 1, January 14, 2025
Section 19.2.2.45 - SECONDARY TERM OF MINERAL LEASEA. If minerals are not produced or mined in paying quantities during the primary term, then the lessee may continue the lease in full force and effect through a secondary term. The secondary term shall be two years and so long thereafter as minerals are produced or mined in paying quantities.B. Annual rent during the secondary term shall be ten dollars per acre, which amount shall be paid each year in advance.N.M. Admin. Code § 19.2.2.45
19.2.2.45 NMAC - N, 3/14/2001