(a) A lease under AS 38.07.010(b) shall be for 10 years with an option for a five-year renewal.
(b) Before a lessee can apply for ownership of the land, the lessee must crop the land for at least seven years. If a lessee does not crop the land for at least seven years during the lease, the land shall be open again for competitive lease.
(c) All rent the lessee has paid on the lease less interest on appraised value is to be applied toward the purchase price.
(d) There shall be included in the lease agreement a provision prohibiting more than one farm unit on each half section of land.