§ 224.86. Are there limits on the duration of leases, business agreements, and rights-of-way?
120 words·~1 min read·
/us/cfr/t25/s§ 224.86·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)The duration of leases, business agreements, and rights-of-way entered into under a TERA are limited as follows:
(1)For leases and business agreements, except as provided in paragraph
(b)of this section, 30 years;
(2)For leases for production of oil resources and gas resources, or both, 10 years and as long after as oil or gas production continues in paying quantities; and
(3)For rights-of-way, 30 years.
(b)A lease or business agreement a Tribe enters into, or a right-of-way a Tribe grants may be renewed at the discretion of the Tribe as long as the TERA remains in effect and the approved activities have not been rescinded by the Tribe or suspended or reassumed by the Department.