11 AAC 67.230. Preliminary exchange agreement

(a) If, under 11 AAC 67.210, the department determines it is in the public interest to pursue the proposed land exchange, the department and the party, or parties, will enter into a preliminary exchange agreement which

(1) accurately identifies the land or interests in land, whether surface or subsurface estate, or both, proposed for exchange by each party;

(2) describes the benefits to be derived by the parties as a result of the exchange;

(3) summarizes each party's responsibilities for conducting the appraisals required by 11 AAC 67.240 and specifies the instructions for the appraisals;

(4) contains a proposed timetable for completion of the various stages of the exchange, including the proposed dates for appraisal submission, public notice, hearing, preparation of final exchange agreement, and execution of the exchange;

(5) indicates all costs including, but not limited to, those of any necessary survey and advertising, to be paid by each party to an exchange;

(6) indicates land survey responsibilities, if any;

(7) describes any known improvements constructed on the land proposed to be exchanged;

(8) commits each party to examine the land or interests in land proposed to be exchanged and to identify any known unauthorized entries; and

(9) states that no party may create new third-party interests in the land proposed for exchange until after the exchange is executed, unless otherwise agreed to by all parties to the exchange.

(b) Upon entering into a preliminary exchange agreement under this section, the department will initiate procedures to close the state land proposed for exchange to mineral entry and location under AS 38.05.185 .

(c) A preliminary exchange agreement entered into under this section segregates the affected state land or interests in state land from future actions which may result in the creation of third-party interests. Necessary state land title record notations will be made under 11 AAC 53.010 - 11 AAC 53.050 to assure that this section is properly implemented.

History: Eff. 10/21/84, Register 92

Authority: AS 38.50.010

AS 38.50.160

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