Texas Business and Commerce Code 115.004 – Additional Disclosures for Lease Agreements
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Terms Used In Texas Business and Commerce Code 115.004
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. 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
- Property: means real and personal property. See Texas Government Code 311.005
In addition to the disclosures required under § 115.003, a lessor shall provide to a leasing residential or small commercial customer in writing:
(1) the term and rate of the lease, including any payment escalators or other terms that affect the customer’s payments; and
(2) a statement of whether the lease and any applicable warranty or maintenance agreement is transferable to a subsequent purchaser of the property where the distributed renewable generation resource is installed.