Texas Government Code 2116.072 – Purchase of Building Subject to Existing Leases
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Terms Used In Texas Government Code 2116.072
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- 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
The comptroller may:
(1) acquire a building that is subject to a lease by a private tenant and may continue or renew a lease for the building if the comptroller determines that doing so is advantageous to this state; and
(2) renegotiate the terms of a lease described by Subdivision (1) to obtain terms that are more favorable to this state.