Indiana Code 36-9-24-4. Maximum duration; options to renew
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Terms Used In Indiana Code 36-9-24-4
- 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
Sec. 4. The term of a lease under this chapter may not exceed fifty (50) years. However, the lease must provide that the municipality has an option to renew the lease for a further term on similar conditions.
[Pre-Local Government Recodification Citation: 19-2-5.5-3 part.]
As added by Acts 1981, P.L.309, SEC.97.