Montana Code 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.
Terms Used In Montana Code 77-4-121
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: means real and personal property. See Montana Code 1-1-205
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(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.