(a) If no good-faith claimant exists or if no good-faith claimant exercises a preferential right within the applicable period, the applicant has a preferential right to purchase or lease an interest in the vacant land on or before the 60th day after the date on which:
  (1) the commissioner determines that no good-faith claimant exists; or
  (2) the period for a good-faith claimant to exercise a preferential right to purchase or lease the vacant land expires.
(b) If a good-faith claimant exercises the claimant's preferential right in the land determined to be vacant, at the board's election, the applicant has a preferential right to either of the following:
  (1) an award by the board of a perpetual 1/32 nonparticipating royalty of the full mineral interest of the vacancy; or
  (2) a preferential right to purchase or lease any remaining interest in the vacant land.
(c) If a lease that is less than a permanent interest exists on the land determined to be vacant, the applicant's 1/32 nonparticipating royalty interest, as described by subsection (b)(1) of this section, shall be taken from the state's royalty interest as reserved under §13.60(f)(1) of this title (relating to Exercise of Preferential Rights) for the duration of the lease, provided that the applicant's share for the duration of the lease may never equal more than the interest retained by the state.
(d) An applicant who exercises a preferential right under subsection (a) or (b)(2) of this section may purchase or lease the vacant land or an interest in the vacant land:
  (1) at the price set by the board;
  (2) subject to any royalty or other reservations provided by the board; and
  (3) in accordance with the law in effect on the date the application is properly filed.

Source Note: The provisions of this §13.61 adopted to be effective February 22, 2011, 36 TexReg 1154