Sec. 109.161. EXTENSION OF LEASES. When in the discretion of the board it is deemed for the best interest of the state to extend a lease issued by the board, the board may by unanimous vote extend the lease for a period not to exceed three years, on the condition that the lessee shall continue to pay yearly rental as provided in the lease and shall comply with any additional terms the board requires. The board may extend the lease and execute an extension agreement.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 1173 (S.B. 907), Sec. 9, eff. June 19, 2015.
Structure Texas Statutes
Subtitle F - Other Colleges and Universities
Chapter 109 - Texas Tech University System
Subchapter D. Mineral Development in University Land
Section 109.151. Mineral Leases; Disposition of Proceeds
Section 109.152. Majority of Board to Act
Section 109.153. Subdivision of Land; Titles
Section 109.154. Sale of Leases; Advertisements; Payments
Section 109.155. Separate Bids; Minimum Royalty; Delay Rental
Section 109.156. Rejection of Bids; Withdrawal of Land
Section 109.157. Acceptance; Conditions and Provisions of Lease
Section 109.158. Acceptance and Filing of Bids; Termination of Lease
Section 109.159. Award and Filing of Lease
Section 109.160. Exploratory Term of Lease; Extension; Other Provisions
Section 109.161. Extension of Leases
Section 109.162. Control of Drilling and Production
Section 109.164. Title to Rights Purchased; Assignment; Relinquishment
Section 109.165. Payment of Royalties; Records; Report of Receipts
Section 109.166. Protection From Drainage; Forfeiture of Rights
Section 109.167. Forfeiture and Other Remedies; Liens
Section 109.168. Filing of Documents and Payment of Royalties, Fees, and Rentals