72-504. Lease; terms; appraisal; when.
(1) All leases shall be made at a rental of six percent on the appraised value, payable annually in advance. The lessee shall pay the appraised value of the improvements on such land, which amount shall be immediately paid to the owner or owners of the improvements. Applications for the lease of any such lands not leased at public offering may be made at any time to the Board of Educational Lands and Funds; Provided, if there are two or more persons wishing to lease the same land, the board shall auction off and lease the land to the person who, in addition to the six percent rental, will pay the highest cash bonus for the lease.
(2) Each lease, referred to in subsection (1) of this section, shall contain a covenant or contract that the land contained in such lease may be appraised every five years. At the expiration of twelve years, the lessee shall deliver up the said land to the state; Provided, any lessee of saline lands may apply in writing to the chairman of the county board to have the lands embraced in such lease, or any part thereof, appraised for the purpose of sale, and when so appraised, the saline lands embraced in such application shall become subject to all the provisions governing the sale of educational lands belonging to the state, except as provided in sections 72-501 to 72-504.
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