N.M. Admin. Code § 19.2.22.13 - SUBLEASE; ASSIGNMENT OR PARTIAL ASSIGNMENT

A. Any sublease, assignment or partial assignment for use of trust land is void without the approval of the commissioner. The commissioner's approval may be conditioned upon such terms or requirements as are deemed to be in the best interests of the trust including but not limited to:

(1) additional consideration to the commissioner;

(2) disclosure of the value paid to the lessee in consideration of the assignment or sublease; and

(3) that the sublessee, assignee or partial assignee meets the same or substantially similar minimum qualifications that were required of the lessee at the time of bidder qualification.

B. The commissioner may, in a lease, pre-approve certain assignments or subleases that the commissioner deems to be in the best interests of the trust.

(1) No assignment or sublease of trust land under a planning and development lease will be approved unless the lessee is in compliance with the terms of the lease.

(2) The commissioner's approval of a sublease or assignment does not relieve the lessee from any liability that may have arisen before the sublease or assignment. The commissioner's approval of a sublease does not release the lessee from its continuing and primary liability for performance of all terms and obligations under the lease.

(3) The commissioner's approval of a sublease or assignment will not constitute approval of any subsequent sublease or assignment.

C. Applications to sublease or assign must be made by the current lessee under oath, on forms prescribed by the commissioner, and must be accompanied by the fees shown on the schedule of fees.

D. No assignment or sublease will extend the term of a planning and development lease and the lessee shall inform its sublessee or assignee of the terms and conditions of the lessee's planning and development lease.

E. The termination of a planning and development lease will automatically, and without notice, terminate any sublease, unless otherwise agreed to in writing by the commissioner through an attornment or a similar agreement.

F. A lessee or sublessee may not transfer, change the purpose or use, or move the point of diversion of any water rights that are appurtenant to trust land without the prior approval of the commissioner.

Notes

N.M. Admin. Code § 19.2.22.13

19.2.22.13 NMAC - Rp, 19.2.22.13 NMAC, 11/30/12, Amended by New Mexico Register, Volume XXX, Issue 11, June 11, 2019, eff. 6/11/2019