Texas Transportation Code 22.022 – Duration of Certain Leases
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(a) A lease of real property may not exceed 50 years if:
(1) the lease is made under § 22.011(c) or (d), § 22.020, or § 22.021; and
(2) at the time of the execution of the lease, the property is used as nonaeronautical property and is located on an airport on which there are active federal governmental aircraft operations on federal government property.
(b) A renewal or extension of a lease under Subsection (a) may not exceed 50 years. If the lease provides for more than one renewal or extension, the renewals or extensions may not in the aggregate exceed 50 years.
Terms Used In Texas Transportation Code 22.022
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(c) This section does not prevent the parties to a lease from making a new lease to take effect after the expiration of the previous lease or after the expiration of the period covered by a renewal or extension of the previous lease.