Tex. Transp. Code Section 224.007
Purchase of Lease Rights

(a)

Before acquiring property under this subchapter, the department may purchase the right to lease the property to a third party.

(b)

The department may make a purchase under Subsection (a) only if the department first determines that the owner is unable to lease or rent the property because of the impending acquisition by the department.

(c)

The consideration for the purchase of a lease right under this section may not exceed the fair market rental value of the property as determined by the department and shall be credited against the total compensation due the owner when the department acquires the property.

(d)

Payment under this section may be made in periodic increments until the property is acquired by the department. The aggregate total of payments before acquisition may not exceed the department’s appraised value of the property.

(e)

This section shall be implemented in accordance with applicable administrative rules and policies of the department.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.

Source: Section 224.007 — Purchase of Lease Rights, https://statutes.­capitol.­texas.­gov/Docs/TN/htm/TN.­224.­htm#224.­007 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 224.007’s source at texas​.gov