Indiana Statutes
§ 32-32-3-10 — Leasehold interest
(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:
(1)the lessee must give the association notice of termination of
the lease for any default by the lessor; and
(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.
(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.]
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Legislative History
As added by P.L.2-2002, SEC.17.
Nearby Sections
15
§ 32-16-1-1
"Prior property law"§ 32-16-1-2
Purpose of recodification§ 32-16-1-3
Statutory construction of recodification§ 32-16-1-4
Effect of recodification§ 32-16-1-5
Recodification of prior property law§ 32-16-1-6
References to repealed statutes§ 32-16-1-7
References to citations§ 32-16-1-8
References to prior rules§ 32-16-1-9
References to prior property law§ 32-17-1-1
"Grantor"§ 32-17-1-2
Fee simple conveyance§ 32-17-1-3
Estates tail; abolition§ 32-17-1-4
Lineal and collateral warranties; abolition§ 32-17-10-1
Application of chapter