(1) The State Highway Commission, as lessor, may execute lease or rental agreements covering real property, and any interest in that property, including without limitation the right-of-way of any state highway, owned or held by the commission, the use of which for highway purposes is not immediately contemplated, for periods not to exceed five (5) years, upon reasonable terms and conditions.
(2) Any building or other erection remaining on the real property at the expiration of the agreement shall be subject to removal upon thirty (30) days' notice at no expense to the state.