[Failure to comply with contract; forfeiture at option of

commissioner.] Failure by a purchaser of state lands to comply with the terms and conditions of his contract of purchase shall, at the option of the commissioner, work a forfeiture of such contract after notice as prescribed by Section 19-7-50 NMSA 1978. In case of forfeiture all monies theretofore paid on any such contract shall remain the property of the state.