N.M. Code R. § 19.2.14.17 – Cancellation for Default - Relinquishment

A. In the event the purchaser shall fail to comply with the terms and conditions of contract of purchase the commissioner may, at the commissioner’s option, declare a forfeiture of such contract after 30 days' notice given as provided under Section 19-7-50 NMSA 1978, unless the purchaser shall comply with the demands made in such notice in which case cancellation shall not be made. A purchaser may consent to the cancellation by waiver of notice of intention to cancel.
B. Late interest payments shall bear interest at the rate of one percent per month until paid.
C. In case of forfeiture all monies theretofore paid under any such contract, together with improvements upon the land, shall remain and become the property of the state of New Mexico.
D. Any contract executed by the commissioner which has been obtained by fraud or executed through mistake, or without authority at law, may be canceled after 30 days' notice by registered mail upon order to show cause as provided by Section 19-7-8 NMSA 1978.
[12/31/1999; 19.2.14.17 NMAC - Rn, 19 NMAC 3. SLO 14.17, 9/30/2002; A, 6/11/2019]