85th Texas Legislature, Regular Session, House Bill 3803, Chapter 1100 Page: 3 of 8
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H.B. No. 3803
(A) an insurer authorized to engage in business2 in this state; or
3
4 that coverage by
(B) an insurer recognized as acceptable to issue
the insurance regulatory official of the state in5 which the real property is located;
(2) the amount of insurance provided
by
one or more
7 policies may not be less than the lesser of:
8 (A) the unpaid balance of the obligation; or
9 (B) the insurable value of the buildings; and(3) the loss clause under
each policy must be payable
11 to the insurance company as the company's interest may appear.
(e-1) The property
insurance
otherwise
required
13 Subsection (e) is not required if the borrower maintains a net worth
14 as indicated in the borrower's audited financial statements for themost recent fiscal year of at least the greater of five times the
16 amount of the indebtedness or $100 million and:
(1) the insurance company has recourse against the
18 borrower or the borrower's guarantor; or
(2) for an obligation secured by a leasehold estate:
(A) the tenant
assigned
the lease to the
21 insurance company; and
(B) the lease agreement
is in writing
23 provides that if a building on the property is damaged or destroyed,
24
25the tenant or the tenant's guarantor is obligated to rebuild or
restore the damaged or destroyed building to the building's26 condition immediately before the damage or destruction occurred or
27
3
1
6
10
12
15
17
under
19
2022
and
compensate the owner for the loss arising from the damage or
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Reference the current page of this Legislative Document.
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/m1/3/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.