A lease is an agreement where the occupant/tenant has exclusive use of real property for a set period of time. It is usually irrevocable and may sometimes be transferred or assigned to a different party. A lease can be used for commercial office or warehouse space, residential use, or agricultural use of land. If the intent is for the tenant to be the only occupier of the property, especially for a period longer than a few months, then a lease would typically be the appropriate form to use.
A&M System Regulation 41.01.01 and OGC Pre-Approved Forms:
A&M System Regulation 41.01.01 grants Members the authority to negotiate, execute, and deliver certain real estate documents that fall under specific dollar and term thresholds without Office of General Counsel (“OGC”) review and without SREO approval or filing when using OGC pre-approved forms for property located in Texas.
For more information on OGC Pre-Approved Forms, click here.
Pursuant to A&M System Policy 41.01.01, Sections 5.1 and 6.1, the System Real Estate Office (“SREO”) will negotiate the terms and conditions of the following leases: 1) all commercial leases to a third party of A&M System real property; and 2) leases from a third party for a term that exceed two years or a total rent that exceeds $50,000 per year. These lease negotiations shall be done in consultation with the CEO or designee of the Member to which the property has been assigned.
For A&M System Members making a Commercial Lease or Residential Lease request under circumstances that do not allow for the use of pre-approved OGC forms, Members should click on the appropriate link below and complete as much information as possible on the RESIDENTIAL LEASE SPEC SHEET or COMMERCIAL LEASE SPEC SHEET, then return the completed SPEC SHEET to the SREO when requesting a new lease.