North Dakota Code 15-05-14 – Bonds for rents and royalties
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The board of university and school lands may require the lessee to execute a good and sufficient bond conditioned for the payment of all moneys, rentals, and royalties stipulated by the terms of the lease and for the full compliance with and observance of all rules and regulations established by the board and of all other terms set forth in the lease.
Terms Used In North Dakota Code 15-05-14
- 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