Sec. 263.105. CONDITIONS OF LEASE. (a) A lease under this subchapter may initially be effective for the term of a mortgage covering the construction of the hotel and related facilities. The lease may provide to the parties constructing, owning, or operating the hotel or related facilities an option to renew the lease.
(b) The lease must be made on a competitive bid. Consideration for the lease may not be less than the fair market lease value of the property and air rights being leased.
(c) The parties to the lease mutually shall determine the other conditions of the lease.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Structure Texas Statutes
Title 8 - Acquisition, Sale, or Lease of Property
Subtitle B - County Acquisition, Sale, or Lease of Property
Chapter 263 - Sale or Lease of Property by Counties
Subchapter C. Lease or Sale of Real Property for Privately Owned Hotel
Section 263.101. Application of Subchapter to Populous Counties
Section 263.103. Creation of Encumbrance
Section 263.104. Lending Credit