Sec. 1504.210. TRUSTEE. A contract under which an exposition or convention hall is encumbered may provide for:
(1) the selection of a trustee to sell the hall on a default in the payment of principal or interest or another default under the contract;
(2) the selection of a successor trustee, if the original trustee is disqualified or fails to act; and
(3) the collection by the trustee of a fee of not more than five percent of the principal.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
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