§ 162.321. How much rent must be paid under a residential lease of individually owned Indian land?
256 words·~1 min read·
/us/cfr/t25/s§ 162.321·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)A residential lease of individually owned Indian land must require payment of not less than fair market rental except that we may approve a lease of individually owned Indian land that provides for the payment of nominal rent, or less than a fair market rental, if:
(1)One hundred percent of the Indian landowners execute a written waiver of the right to receive fair market rental; or
(2)We waive the requirement under paragraph
(c)of this section.
(b)We will require a valuation in accordance with § 162.322, unless:
(1)One hundred percent of the Indian landowners submit to us a written request to waive the valuation requirement; or
(2)We waive the requirement under paragraph
(c)of this section.
(c)If the owners of the applicable percentage of interests under § 162.012 consent to a residential lease on behalf of all the Indian landowners of a fractionated tract, the lease must provide that the non-consenting Indian landowners (and those on whose behalf we have consented) receive fair market rental, as determined by a valuation, unless we waive the requirement because:
(1)The lessee is a co-owner who, as of January 4, 2013, has been residing on the tract for at least 7 years, and no other co-owner raises an objection to BIA by July 3, 2013 to the lessee's continued possession of the tract; or
(2)The tribe or lessee will construct infrastructure improvements on, or serving, the leased premises, and we determine it is in the best interest of all the landowners.