§ 162.574. May a lessee assign a WSR lease?
177 words·~1 min read·
/us/cfr/t25/s§ 162.574·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)A lessee may assign a WSR lease by meeting the consent requirements in § 162.575 and obtaining our approval of the assignment under §§ 162.576 and 162.577 or by meeting the conditions in paragraphs
(b)or
(c)of this section.
(b)Where provided in the lease, the lessee may assign the lease to the following without meeting consent requirements or obtaining BIA approval of the assignment, as long as the lessee notifies BIA of the assignment within 30 days after it is executed:
(1)Not more than three distinct legal entities specified in the lease; or
(2)The lessee's wholly owned subsidiaries.
(c)The lessee may assign the lease without our approval or meeting consent requirements if:
(1)The assignee is a leasehold mortgagee or its designee, acquiring the lease either through foreclosure or by conveyance;
(2)The assignee agrees in writing to assume all of the obligations and conditions of the lease; and
(3)The assignee agrees in writing that any transfer of the lease will be in accordance with applicable law under § 162.014.