As used in this part: (1) "Agency optional term" means an option that is exclusively exercisable by a leasing agency to extend the lease term. (2) "High-cost lease" means a real property lease that: (a) has an initial term including any agency optional term of 10 years or more; or (b) will require lease payments of more than $5,000,000 over the term of the lease, including any agency optional term. (3) (a) "Leasing agency" means a department, commission, board, council, agency, institution, officer, corporation, fund, division, office, committee, authority, laboratory, library, unit, bureau, panel, or other administrative unit of the state. (b) "Leasing agency" does not include: (i) the legislative branch; (ii) the judicial branch; and (iii) an institution of higher education. (4) "Significant lease terms" includes the duration of the lease, the frequency of the periodic payments, a renewal clause, a purchase option, a cancellation clause, a repair and maintenance clause, and a restriction on use of the property.
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