2021 New Mexico Statutes
Chapter 3 - Municipalities
Article 60A - Metropolitan Redevelopment
Section 3-60A-41 - Option to purchase.
A. A lease may grant the user of a project an option to purchase all or a part of the project at a stipulated purchase price or at a price to be determined upon appraisal as is provided in the lease.
B. The option may be exercised at a time as the lease may provide.
C. The local government and the user may agree and provide in the lease that all or a part of the rentals paid by the user prior to and at the time of the exercise of the option shall be applied toward the purchase price and shall be in full or partial satisfaction of the purchase price.
History: Laws 1979, ch. 391, § 41; 2018, ch. 60, § 38.
ANNOTATIONSThe 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, and made technical changes throughout the section; in Subsection C, after "The", deleted "municipality" and added "local government".
