An agricultural lease must provide for the payment of a fair annual rental at the beginning of the lease term, unless a lesser amount is permitted under paragraphs (b) through (d) of this section. The tenant's rent payments may be:
In fixed amounts; or
Based on a share of the agricultural products generated by the lease, or a percentage of the income to be derived from the sale of such agricultural products.
We will approve an agricultural lease of tribal land at a nominal rent, or at less than a fair annual rental, if such a rent is negotiated or established by the tribe.
We will approve an agricultural lease of individually-owned land at a nominal rent or at less than a fair annual rental, if:
The tenant is a member of the Indian landowner's immediate family, or a co-owner in the lease tract; or
The tenant is a cooperative or other legal entity in which the Indian landowners directly participate in the revenues or profits generated by the lease.
We will grant or approve a lease at less than a fair annual rental, as previously determined by an appraisal or some other appropriate valuation method, if the land is subsequently advertised and the tenant is the highest responsible bidder.
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