85th Texas Legislature, Regular Session, House Bill 3803, Chapter 1100 Page: 2 of 8
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H.B. No. 3803
1 payments of principal and interest with payments of interest only
2 for the first five years of the original term of the obligation.
3 (d-i) Subsection (d) does not apply to an obligation secured
4 by a first lien on a leasehold estate in real property if:
5 (1) the amount of the obligation does not, as of the
6 date the obligation is acquired, exceed 75 percent of the value of
7 the leasehold estate;
8 (2) the lease agreement provides that the fee simple
9 estate in the real property transfers automatically to the lesseeon or before the expiration of the term of the leasehold estate,
including any renewal options exercisable by the lessee; or
(3) the lease agreement provides that the lessee has
an option to purchase the fee simple estate in the real property on
or before the expiration of the term of the leasehold estate,
including any renewal options exercisable by the lessee, for an
amount that is less than 10 percent of the appraised value of the
real property, and the insurance company has a contractual right if
the lessee does not exercise that option to acquire the fee simple
estate in the real property for that same amount, by assignment from
the lessee or otherwise.
(e) Except as provided by Subsection (e-1), if [--] any part
of the value of buildings is to be included in the value of real
property or a leasehold estate in real property to secure an
obligation under this section:
(1) the buildings must be covered by adequate property
insurance, including fire and extended coverage insurance, issued
by:2
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Texas. Legislature. House of Representatives. 85th Texas Legislature, Regular Session, House Bill 3803, Chapter 1100, legislative document, June 15, 2017; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth1050772/m1/2/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.