Oregon Statutes 274.560 – Lease terms; bond or security; prohibited lease or purchase option; monthly reports and payments; rules
(1) The Department of State Lands may enter into contract of lease for purposes of ORS § 274.525 to 274.590 with such stipulations protecting the interest of the state as the department may require, and may require a bond with a surety company authorized to transact a surety business in this state, as surety, or other form of security, to be given by the lessee for performance of such stipulations, and providing for forfeiture for nonpayment or failure to operate under the contract. No contract shall be entered into giving any person an option of leasing or purchasing the property of the State of Oregon. The lessee in all such contracts shall report monthly to the department the amount of material taken under the contract and pay to the department the amount of royalty thereon provided in the contract.
Terms Used In Oregon Statutes 274.560
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the Department of State Lands. See Oregon Statutes 274.005
- 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
- Material: includes gravel, rock, sand and silt, but does not include hard minerals subject to ORS § 274. See Oregon Statutes 274.005
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(2) The department shall adopt rules to establish criteria to determine when security is required. [Amended by 1965 c.375 § 1; 1967 c.421 § 147; 1969 c.594 § 45; 1991 c.264 § 1]
[Amended by 1967 c.421 § 106; renumbered 274.035]
[Amended by 1961 c.509 § 4; 1967 c.421 § 46; renumbered 273.231]