CMP.2.12.050 Exceptions

Tribal UCC2A § 2.1201.203 is adopted with an amended subsection (4) to read as follows:

(4) Additional consideration is nominal if it is less than the lessee's reasonably predictable cost of performing under the lease agreement if the option is not exercised. Among other bases, additional consideration is not nominal if any of the following apply: (a) when the option to renew the lease is granted to the lessee, the rent is stated to be the fair market rent, or substantially the same as fair market rent, for the use of the goods for the term of the renewal determined at the time the option is to be performed; (b) when the option to become the owner of the goods is granted to the lessee, the price is stated to be the fair market value, or substantially the same as the fair market value, of the goods determined at the time the option is to be performed.