In lieu of advance royalty as provided in 19.2.4.11 NMAC, the lease may provide for payment of an annual payment at a negotiated rate, but not less than twenty-five dollars ($25.00) for each legal subdivision of forty (40) acres, more or less.

[12/31/1999; 19.2.4.12 NMAC - Rn, 19 NMAC 3. SLO 4.12, 9/30/2002]