§ 15

N.M. Code R. § 1.5.21.15

Lease Term

Effective Nov 30, 2001State of New Mexico
  1. A. Minimum: No minimum lease term is required. Leases for less than ninety (90) days are exempted from this rule.
  2. B. Maximum: PCD will not approve any lease which exceeds a total term of twenty (20) years, including all options-to-renew (examples of acceptable terms are ten (10) years with one ten-year (10) option, or twenty years with no option).

  3. C. Options to purchase: Any proposal which includes an option to purchase shall be deemed nonresponsive and shall be rejected.

    [12/31/98; Recompiled 11/30/01]

Log InSign Up