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If a lease is forfeited or cancelled for cause, the holder of a security assignment approved under AS 38.05.095 and AS 38.05.920 may acquire the lease for its unexpired term, subject to the lease's existing terms and conditions.
History: Eff. 7/1/60, Register 1; am 8/15/64, Register 17; am 3/20/66, Register 22; am 2/8/2001, Register 157
Authority: AS 38.05.020
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Last modified 7/05/2006