For each parcel bid upon, you must indicate the term of the lease (years), royalty rate, and bonus being offered. Successful bids will be the best combination of the three variables, as determined by the Bank. The leases will be on the Bank’s lease form, for no more than a five year term and with a $1.00 per net acre or $25 (whichever is greater) annual delay rental. California leases will follow the standard rental practice found in that State. Tracts with less than a 25% mineral interest will require a 1/5^th royalty.

As always, the Bank will not be obligated to accept any bid that it considers too low. The final results will be sent only to those individuals who participate in the sale. We expect payment within 30 days of notice of a successful bid.