11 AAC 83.165. Conditional leases

(a) If all or any part, as shown on the division leasing plats when the lease was issued, of the land covered by a lease is land that has been selected by Alaska under laws of the United States granting land to Alaska but the land has not been patented to Alaska by the United States, then the lease shall be a conditional lease as provided by law with respect to the land until a patent becomes effective. If for any reason a selection is disapproved or patent is denied as to all or any part of the land, no rentals, royalties or minimum royalties paid to Alaska under the lease will be refunded. Any bonus paid for a competitive lease will be refunded in full if the entire lease fails or if the lease fails in part and the lessee elects to surrender the remaining part. If the lessee elects to retain a remaining part, the bonus will be refunded in pro rata part on an acreage basis.

(b) To be considered a conditional lease under this section, the lease must contain at least a legal subdivision of 40 acres in the aggregate of land which has not been patented to Alaska by the United States.

History: Eff. 9/5/74, Register 51

Authority: AS 38.05.020

AS 38.05.145 (a)

AS 38.05.180 (a)

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