New Mexico Statutes 19-5-9. [Water developed by lessee; credit.]
Current as of: 2024 | Check for updates
|
Other versions
The commissioner may contract with lessees of state lands to develop water thereon, and in consideration of any such improvement the lessee shall be credited with not to exceed one-third of the rental value of the land leased during the term of the lease.
Terms Used In New Mexico Statutes 19-5-9
- Contract: A legal written agreement that becomes binding when signed.
- 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