31 Tex. Admin. Code § 13.60 - Exercise of Preferential Rights
(a) A
good-faith claimant who has been notified by the commissioner that a vacancy
exists under this subchapter has a preferential right to purchase or lease the
interest claimed in the land before the land was declared vacant under terms
and conditions set by the board. The preferential right may be exercised after
a final judicial determination or after the commissioner's final order and the
period for filing an appeal has expired.
(b) If a good-faith claimant does not apply
to purchase or lease the interest before the later of the 121st day after the
date the commissioner's order becomes final or the 60th day after the date of
the final judicial determination of an appeal under this subchapter, then the
good-faith claimant's preferential right expires.
(c) If a good-faith claimant does not close a
transaction to purchase or lease the interest before the 121st day after the
date the terms and conditions are determined by the board, then the good-faith
claimant's preferential right expires.
(d) A good-faith claimant may purchase or
lease the vacancy by submitting a written application to the board. The agency
will provide the good-faith claimant with the proper application.
(e) A good-faith claimant that owns a
separate surface interest, a contractual right to a mineral or leasehold
interest, a leasehold interest, or a royalty interest in the land occupied or
used that is found to be part of or to include a vacancy is entitled to
purchase or lease that same interest at the price and under the terms and
conditions set by the board and in accordance with the law in effect on the
date the application is properly filed.
(f) If the interest purchased under
subsection (e) of this section is less than a permanent interest, then:
(1) the interest purchased is limited to the
duration of a deed, contract, instrument, or lease in existence before the
filing of the vacancy application and subject to a division of the amount of
the royalty between the state and the existing royalty owners, provided that
the state retains at least one-half of the amount of the royalty interest;
and
(2) the interest and any
remaining mineral interest, including all executory rights, vest with the state
at the expiration of the deed, contract, instrument, or lease.
Notes
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