(a) If a sale is forfeited and the title to the land revested in the fund, the original purchaser or the original purchaser's vendee is entitled to reinstate the purchase contract at any time before the date on which the board meets and orders the land to be advertised for resale or for lease for mineral development but not after that time. If a contract is forfeited more than two times, the board may require, as a condition of reinstatement, that the purchaser or the purchaser's vendee pay the account in full.
(b) A person who exercises a right of reinstatement shall:
(1) pay all delinquent installments, penalties, and costs incident to the reinstatement; and
(2) fulfill any other requirements prescribed by the board.