77-3-115. Lease provisions. (1) A lease may contain reasonable provisions for preliminary prospecting periods and must contain reasonable requirements for the prosecution of work during the prospecting period, if any, and for the prosecution of mining after the prospecting period.

(2) The lease may provide for the payment of rentals in conjunction with the work requirements or may prescribe cash rentals as an alternative or otherwise as the board considers best.

(3) The lease must specify the term of the lease, the royalty to be paid, reasonable forfeiture provisions, and reasonable terms under which the lessee may, within a time limited in the lease, remove property placed upon the leased lands by the lessee in the event of the termination of the lease by forfeiture or by lapse of time.

(4) The lease may contain other provisions that the board and the lessee agree upon that are not inconsistent with this part.