Indiana § 36-1-10-9 Leases; terms and conditions; options to renew or purchase; exercise
of option to purchase

Indiana Statutes

§ 36-1-10-9 — Leases; terms and conditions; options to renew or purchase; exercise of option to purchase

Indiana § 36-1-10-9

Title 36LOCAL GOVERNMENT

Art. 1GENERAL PROVISIONS

Ch. 10Leasing and Lease-Purchasing Structures

This text of Indiana § 36-1-10-9 (Leases; terms and conditions; options to renew or purchase; exercise of option to purchase) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 36-1-10-9 (2026).

Text

(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.

(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 1

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(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.
(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.