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(a) Leases in good standing may be cancelled in whole or in part, at any time, upon mutual written agreement by the lessee and the director.
(b) A lease is subject to cancellation in whole or in part if improperly issued through misrepresentation or error with respect to material facts.
(c) A lease may be cancelled if used for any unlawful purpose.
(d) The director will, in the director's discretion, cancel a lease, if the lessee defaults and the director determines the action is necessary to protect and enforce the state's contractual or other property rights. No improvements may be removed during any time the lessee is in default.
History: Eff. 7/1/60, Register 1; am 8/15/64, Register 17; am 3/20/66, Register 22; am 8/6/94, Register 131
Authority: AS 38.05.020
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Last modified 7/05/2006