California Public Resources Code

§ 5062

PRC § 5062Div. 5 · Ch. 1 · Art. 5

Statute text

Any such lease contract shall contain an option permitting the State to purchase the lands under lease. The lease contract shall include provisions:

(a)That all payments made by the State as rental thereunder shall be applied on the purchase price of the lands.

(b)That at the end of each two-year period, if the State so elects, the lessor will convey to the State, without additional consideration, a designated area of the lands under lease, as described therein, which area shall be such proportion of the total area as the amount of rental paid by the State for such period bears to the total amount of rental to be paid under the lease.

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Legislative history

Added by Stats. 1939, Ch. 94.