(1) "Abandon" or "abandonment" means the simultaneous intent and voluntary act of surrendering or disclaiming any ownership of, or surrendering or disclaiming a property interest in a lease or the improvements existing upon a lease, or both.
(2) "Assignment" means the transfer of rights, obligations, and ownership of a current lease agreement to another person or other legal entity qualified to hold a lease. Assignments must be executed on a form prescribed by the department, and are subject to department approval.
(3) "Board," also referred to as "Land Board," means the Board of Land Commissioners.
(4) "Cabin site," also referred to as "home site," means land leased or to be leased for single-family residential use that is noncommercial in nature
(5) "Cancellation" means an involuntary nullification or voiding of rights under a lease before the end of its stated term due to a breach of the lessee's obligations under the lease contract.
(6) "Department" means the Department of Natural Resources and Conservation.
(7) "Improvement" means structures including, but not limited to:
(a) a home or residence;
(c) sleeping cabins;
(e) water systems;
(f) septic systems;
(i) any other structure necessary for the conservation or utilization of state trust land; and/or
(j) any other structure determined by the department to meet this definition.
(8) "Lease" means a contract conveying state trust land for:
(a) a specific term of years;
(b) a specified lease fee; and
(c) use as classified under 77-1-401, MCA.
(9) "Leased land" means the land leased for a cabin site, and does not include any improvements.
(10) "Neighborhood" means a cabin site management region as determined by the department.
(11) "Rental rate" means a percentage of the Department of Revenue (DOR) valuation of the leased land to derive a lease fee. The rental rate for renewing leases is 5 percent or $800, whichever is higher, unless otherwise determined by the board. The minimum rate for new leases issued through a competitive bid is 6.5 percent unless reduced in accordance with these rules, or as otherwise determined by the board.
(12) "Security bond" means an amount submitted by the lessee and held by the department throughout the term of the lease to secure costs incurred by the department as a result of activity or improvements upon the lease site.
(13) "Security interest" means an interest a third party retains in any portion of the lease improvements located on that lease in order to secure the payment by the lessee to that third party.
(14) "State trust land" means lands or property interests held in trust by the state as defined by 77-1-101, MCA.
(15) "Trust(s)" means any one, or collectively all of the trusts, that receive income derived from department management of state trust lands.