Section 11: Completing a Lease Agreement
Anchor: #i1002619Procedure
The District may have the lease (three originals) executed by the lessee and submit them with the lease package to the ROW Division; or, the District may submit a draft of the lease and have the originals signed after all necessary approvals are obtained.
If a lease requires Commission approval, the lessee should not execute it until after such approval is granted.
The District should submit a draft for review by the ROW Division if the District has not had substantial experience with leasing.
When the District is ready to proceed with having the lease executed, obtain the following from the lessee:
- three signed originals of the lease
- certificate of insurance
- surety bond, if necessary
- first monthly or annual rental payment.
After execution of the lease by TxDOT, the ROW Division will return two fully executed originals to the District and retain one for the ROW Division files. The District should retain one original for its files and return one to the lessee.