Every mineral lease issued under this article and article 4 of this chapter which had not expired or been terminated by the department as of June 8, 1989 shall be in effect for the unexpired term for which it was granted. The state land commissioner shall set the rental and royalty according to the appraisal standards prescribed by section 27-234 for any mineral lease in effect on June 8, 1989 and that rental and royalty are effective as of December 10, 1987.

Terms Used In Arizona Laws 27-238

  • Appraisal: A determination of property value.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • mineral: means all metallic ore minerals and industrial minerals other than common variety minerals as defined in section 27-271. See Arizona Laws 27-231
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