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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 25 - Indians |
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Chapter I - Bureau of Indian Affairs, Department of the Interior |
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SubChapter H - Land and Water |
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Part 162 - Leases and Permits |
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Subpart D - Business Leases |
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Lease Requirements |
§ 162.412 - What must the lease include if it contains an option to renew?
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§ 162.412 What must the lease include if it contains an option to renew?
(a) If the lease provides for an option to renew, the lease must specify:
(1) The time and manner in which the option must be exercised or is automatically effective;
(2) That confirmation of the renewal will be submitted to us, unless the lease provides for automatic renewal;
(3) Whether Indian landowner consent to the renewal is required;
(4) That the lessee must provide notice of the renewal to the Indian landowners and any sureties and mortgagees;
(5) The additional consideration, if any, that will be due upon the exercise of the option to renew or the start of the renewal term; and
(6) Any other conditions for renewal (e.g., that the lessee not be in violation of the lease at the time of renewal).
(b) We will record any renewal of a lease in the LTRO.