(1) The Board of Trustees of State Institutions of Higher Learning, acting on behalf of the University of Mississippi, is authorized to enter into a long-term sublease(s) of all or any portion of the real property described in Section 37-115-1 which is under its control and possession for a period not to exceed a term of forty-five (45) years with two (2) additional options for renewal periods not to exceed ten (10) years and one (1) additional option for a renewal period not to exceed five (5) years.
(2) The sublease(s) and any amendments to the sublease(s) of all or any portion of the real property described in Section 37-115-1 shall be subject to the approval of the Board of Trustees of State Institutions of Higher Learning. The approved sublease(s) and any amendments to the sublease(s) shall not be cancelled by successor boards based on the binding successor doctrine.