leases upon release. Pending application and payment of fee under section 38 -09-01.5, the state and its departments may continue to lease reserved minerals and to collect rentals and other income from such leases, and where lands have been sold on contract for deed, such rentals and other income must be applied as payment on the contract for deed. On release of minerals reserved, any unexpired mineral leases and rentals and income thereafter becoming due must be assigned to the person entitled to the release as prescribed in section 38-09-01.5.
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