Indiana Code 32-32-3-10. Leasehold interest
Current as of: 2024 | Check for updates
|
Other versions
Sec. 10. (a) If the interest of the developer in a project is a leasehold interest, the lease, unless otherwise determined by the division, must provide that:
(2) the lessor, upon the bankruptcy of the lessee, shall enter into a new lease with the association upon the same terms and conditions as were contained in the lease with the developer.
(1) the lessee must give the association notice of termination of the lease for any default by the lessor; and
Terms Used In Indiana Code 32-32-3-10
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(b) The division may require the developer to execute a bond or other type of security for the payment of the lease obligation.
[Pre-2002 Recodification Citation: 24-5-9-31.]
As added by P.L.2-2002, SEC.17.