§ 36-7-38-14 — Agreements with purchasers, lessees, and other transferees

(a) The land bank may, as a condition of the
purchase, transfer, or lease, require a person to enter into an agreement
that conditions the purchase, transfer, or lease on the person fulfilling
one (1) or more of the following terms:
(1) If the property is a dwelling, reside in the real property as the
person's principal place of residence for a specified period not to
exceed three (3) years.
(2) Bring the property up to minimum code standards in not more
than twelve (12) months.
(3) Carry adequate fire and liability insurance on the property at
all times.
(4) If the conveyance is to a person to develop the property, cause
development of the property within a specified period, not to
exceed five (5) years.
(5) Comply with any additional terms, conditions, and
requirements as the land bank requires that further the mission of
the land bank.
(b) Any material failure of a person to fulfill the agreement
described in subsection (a) nullifies the agreement. Upon nullification
of the agreement:
(1) the sale, transfer, or lease of the property is void; and
(2) the land bank retains the interest in the property that the land
bank possessed before the sale, transfer, or lease.
However, the land bank may grant the person a specified period, not to
exceed two (2) years, to come into compliance with the terms of the
agreement. The land bank may subordinate its interest under the terms
of the agreement to financial institutions or persons lending money to
the person for the purpose of allowing the person to fulfill the terms of
the sale, transfer, or lease.

Legislative History

As added by P.L.211-2016, SEC.1.