Or. Admin. R. 141-070-0140

Current through Register Vol. 63, No. 8, August 1, 2024

Section 141-070-0140 - Assignment of Lease

The assignment of a divided or undivided lease interest, in whole or in part, may only be accomplished by compliance with the following:

(1) Divided Interests. All request for assignment of divided interests must be submitted on forms provided by the Division and are subject to approval by the State Land Board. Assignment of a separate portion of the lease shall release the assignor from further lease obligations only with respect to the assigned lands.

(2) Undivided Interests. All request for assignment of undivided lease interests must be submitted on forms provided by the Division and are subject to approval by the Director. Undivided assignment of lease interests does not segregate the lease, and the original lessee and assignee shall both be responsible for the performance of all duties and obligations of the lease agreement.

(3) Fee. The processing fee shall be $50 for each assignment. All assignment forms shall be submitted in duplicate.

Or. Admin. R. 141-070-0140

LB 3-1988, f. & cert. ef. 9-19-88

Stat. Auth.: ORS 273

Stats. Implemented: ORS 273 .780 - ORS 273 .790