N.M. Admin. Code § 19.2.2.46 - TERTIARY TERM OF MINERAL LEASE
A. If minerals are not produced or mined in
paying quantities during the primary or secondary term, then the lease may be
continued into the tertiary term. The tertiary term shall be five years and so
long thereafter as minerals are produced or mined in paying
quantities.
B. Annual rent during
the tertiary term shall be three dollars per acre, which amount shall be paid
each year in advance.
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