Sec. 9. (a) The lease may provide that the leasing agent has an option to renew the lease for a further term or to purchase the property. The terms and conditions of the purchase must be specified in the lease.

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Terms Used In Indiana Code 36-1-10-9

  • 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
  • Leasing agent: means the board or officer of a political subdivision or agency with the power to lease structures. See Indiana Code 36-1-10-2
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
     (b) Whenever the leasing agent exercises an option to purchase the property, then the political subdivision or agency may issue and sell bonds for the purpose of procuring money to pay the purchase price. If the leasing agent does not exercise an option to purchase the property, then upon the expiration of the lease and upon full performance by the leasing agent, the property becomes the absolute property of the political subdivision or agency. The lessor shall convey title to the political subdivision or agency.

[Pre-Local Government Recodification Citation: 18-5-3.3-3.]

As added by Acts 1981, P.L.57, SEC.36. Amended by P.L.74-1987, SEC.18.

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