§ 162.243. How will BIA decide whether to approve an assignment or sublease under an agricultural lease?
209 words·~1 min read·
/us/cfr/t25/s§ 162.243·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)We will approve an assignment or sublease under an agricultural lease if:
(1)The required consents have been obtained from the parties to the lease under § 162.230 and the tenant's sureties;
(2)The tenant is not in violation of the lease;
(3)The assignee agrees to be bound by, or the subtenant agrees to be subordinated to, the terms of the lease; and
(4)We find no compelling reason to withhold our approval in order to protect the best interests of the Indian owners.
(b)In making the finding required by paragraph (a)(4) of this section, we will consider whether:
(1)The Indian landowners should receive any income derived by the tenant from the assignment or sublease, under the terms of the lease;
(2)The proposed use by the assignee or subtenant will require an amendment of the lease;
(3)The value of any part of the leased premises not covered by the assignment or sublease would be adversely affected; and
(4)The assignee or subtenant has bonded its performance and provided supporting documents that demonstrate that the lease or sublease will be enforceable against the assignee or subtenant, and that the assignee or subtenant will be able to perform its obligations under the lease or sublease.