Texas Transportation Code

§ 202.053 — LEASE OF HIGHWAY ASSETS: TERMS

TN § 202.053Title 6. ROADWAYS · Part A. TEXAS DEPARTMENT OF TRANSPORTATION · Ch. 202. CONTROL OF TRANSPORTATION ASSETS · Art. C. LEASES, EASEMENTS, AND AGREEMENTS CONCERNING HIGHWAY PROPERTY

Statute text

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(a)The department may determine all terms of the lease except:

(1)a tenant may not be required to post a bond or security for a lease in an amount in excess of six months' rental under the lease; and

(2)the lease must allow the tenant to mortgage or otherwise pledge or grant a security interest in the leasehold to secure financing for the acquisition of the leasehold and for the construction and operation of an improvement permitted under the lease.

(b)The department may not convey title to, or sever from the real property, any permanent improvement constructed on the area leased under this subchapter.

(c)The lease may:

(1)contain a provision for early termination, at the option of either party, with or without cause; and

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Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.