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

Utah Statutes

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

Utah § 17D-2-405

Title 17DLimited Purpose Local Government Entities - Other Entities

Ch. 17D-2Local Building Authority Act

Part 17D-2-4Local Building Authority Lease Agreements

This text of Utah § 17D-2-405 (Default under a lease agreement.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 17D-2-405 (2026).

Text

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:

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

(3)(b) any mortgage given to secure the bonds.

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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:

(3)(a) the proceeding under which bonds to fund the project were authorized; and
(3)(b) any mortgage given to secure the bonds.