Sec. 59.030.  TERM OF LEASES.  (a)  A purchaser may not lease land purchased with financial assistance under this chapter for a term longer than 10 years, except:
(1)  a lease for oil, gas, or other minerals may be for a term of not longer than 10 years, and as long thereafter as oil, gas, or other minerals are produced from the land in commercial quantities;  and
(2)  a lease for coal and lignite may be for a term of not longer than 40 years, and as long thereafter as coal and lignite are produced from the land in commercial quantities.
(b)  A lease or a separate instrument to take effect in the future may not contain a provision for option or renewal of the lease or re-lease of the property for any term that would result in a fixed term of the lease that exceeds the maximum fixed term authorized under Subsection (a) of this section.  A lease or instrument that contains an option renewal or re-lease agreement in violation of this section is void.
Added by Acts 1993, 73rd Leg., ch. 542, Sec. 1, eff. Sept. 1, 1993.