Indiana Code 16-23-6-5. Lease provisions

Sec. 5. A lease authorized by section 3 of this chapter must provide that the corporation will do the following:

(1) Make all repairs to the property leased.

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Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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}
Property: includes personal and real property. See Indiana Code 1-1-4-5

(2) Keep the property adequately insured.

(3) Maintain the property in as good condition as the property is in at the time of the execution of the lease, natural wear and tear excepted.

[Pre-1993 Recodification Citation: 16-12.2-2-4.]

As added by P.L.2-1993, SEC.6.