Sec. 22.022. DURATION OF CERTAIN LEASES. (a) A lease of real property may not exceed 40 years if:
(1) the lease is made under Section 22.011(c) or (d), Section 22.020, or Section 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 40 years. If the lease provides for more than one renewal or extension, the renewals or extensions may not in the aggregate exceed 40 years.
(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.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Section: Previous 22.015 22.016 22.017 22.018 22.019 22.020 22.021 22.022 22.023 22.024 22.025 22.026 22.027 22.051 22.052 NextLast modified: September 28, 2016