I too was first deliberating whether an early termination would alter the original "expiration" of the lease, as per your interpretation of "expiration".HOWEVER, if this was the case, I cannot think of a scenario where the condition expressed in the halfsentence "... but not ... earlier than 60 calendar days prior to the expiration of a fixed-term lease" would come into effect.

@Rene Calacuayo you would need fee simple title free and clear of all liens / encumbrances, or have a magical lender that allows executory contracts under Prop Code 5.085, and be able to satisfy all the other hurdles that the Texas legislature put in the law to deliberately discourage LO transactions.

The IRS always views entity transfers like that as an opportunity to basis shift or a potential step transaction - either deliberately or accidental. 

The legislature deliberately added laws to discourage their use and made violations of the law "tie ins" to the Deceptive Trade Practices Act which allows plaintifs treble damages and mandatory attorneys fees. 

For the past couple of years, after noticing a really disturbing trend in the marketing practices of Turnkey companies, I've started focusing my talks on how companies can use good marketing practices and how investors can cut straight through the crap and eliminate companies that deliberately lie in their marketing.I am going to give every out of state investor looking to buy Turnkey properties or even looking to hire property management two quick lessons and five tips on good due diligence.First, ask questions. 

People who can afford deliberately stop paying mortgage to get out of bad investment. 

Proceed with some caution, who knows what is buried in the docs and contracts whether inadvertently or deliberately.

In addition, Tenant shall not knowingly, intentionally, deliberately, or negligently destroy, deface, damage, impair, or remove any part of the Premises or knowingly permit any person within Tenant’s control to do so.

On the other hand, the real estate that you buy yourself, if bought in a thoughtful  deliberate manner over long periods of time, can actually make you truly rich.  

In fact, it's standard to "leave meat on the bone" for the next buyer, so they deliberately will not complete every possible improvement to the property, and then the property can be marketed as such to the next buyer, along the lines of "25 units have been upgraded and the rents are $50 higher.