§ 17D-2-405. Default under a lease agreement.

Latest version.

If a local entity fails to pay a lease payment due to a local building authority under a lease agreement:

(1)	the local entity shall immediately quit and vacate the project;

(2)	the local entity's lease payment obligation under the lease agreement terminates; and

(3)

the local building authority may immediately lease the project according to the provisions of:

(a)	the proceeding under which bonds to fund the project were authorized; and

(b)	any mortgage given to secure the bonds.

Enacted by Chapter 360, 2008 General Session

                    
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