Section 299.4027. Leases; form; lessor to determine terms; issuance in name of successful bidder required; responsibility for compliance with terms of lease.

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Rule 7. (1) A lease shall be on a form prescribed by the lessor.

(2)   The lessor shall determine the royalty and rental rates, primary lease term, and other lease terms.

(3)    A lease on land offered at public auction shall be issued in the name of the successful bidder or bidders at the time of sale or in the name of the party or parties designated by them at the time of sale.

(4)    The lessee and lessor shall be responsible for compliance with all terms and conditions of the lease.

History: 1987 AACS.

                    
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