N.M. Admin. Code § 1.5.21.15

Current through Register Vol. 35, No. 24, December 23, 2024

Section 1.5.21.15 - LEASE TERM

A.Minimum: No minimum lease term is required. Leases for less than ninety (90) days are exempted from this rule.

B.Maximum: PCD will not approve any lease which exceeds a total term of twenty (20) years, including all options-to-renew (examples of acceptable terms are ten (10) years with one ten-year (10) option, or twenty years with no option).

C.Options to purchase: Any proposal which includes an option to purchase shall be deemed nonresponsive and shall be rejected.

N.M. Admin. Code § 1.5.21.15

12/31/98; Recompiled 11/30/01