A. The commissioner may withdraw from an agricultural lease during its term up to one-half the leased acreage not to exceed six hundred and forty (640) acres provided that:

1. (1) the commissioner has received a bona fide offer to lease or purchase the lands proposed for withdrawal for uses other than agricultural uses and the offered rental or purchase price indicates the land has a current higher and better value for uses other than agricultural uses;
2. (2) the commissioner makes a written determination that such withdrawal is in the best interests of the trust for which the land is held and that the land to be withdrawn has a current higher and better value for uses other than agricultural uses; and

3. (3) the commissioner mails notice of the withdrawal to the lessee by certified mail at least ninety (90) days prior to the date the withdrawal is to be effective and includes with the notice:

   1. (a) a copy of the written determination described in Paragraph (2) of Subsection A of 19.2.8.10 NMAC;
   2. (b) a description of the land to be withdrawn sufficiently detailed to permit identification and location of the land with reasonable accuracy;
   3. (c) the appraised value for uses other than agricultural uses, of the land to be withdrawn; and
   4. (d) a notice to vacate that sets forth the date the withdrawal is to be effective.

E. A lessee from whom leased lands are withdrawn, who is entitled to compensation for improvements on lands withdrawn, shall receive such compensation from the subsequent lessee or purchaser of the lands withdrawn, as provided by statute and this rule.

[12/1/92, 6/29/96; 19.2.8.10 NMAC - Rn, 19 NMAC 3 SLO 8.10, 09/30/02]