Q Does Section 29-3-69 require an adjustment of rent due for commercial leases of sixteenth section lands at least once every ten years, regardless of the presence of an annual rent adjustment or other provision?

A A commercial lease of sixteenth section lands must contain a rent adjustment clause or other mechanism by which the rent may be adjusted once every 10 years from the date of the lease to reflect current fair market value of the lands. An annual rent adjustment clause with no reappraisal and no rent adjustment every ten years does not satisfy the terms of Section 29-3-69 which requires establishment of fair market value in order to adjust the rent. (Attorney General’s Opinion to Adams, February 24, 2017)