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

Utah Statutes

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

Utah·Title 17D Limited Purpose Local Government Entities - Other Entities·Ch. 17D-2 Local Building Authority Act·Part 17D-2-4 Local Building Authority Lease Agreements

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.

Utah § 17D-2-405 (Default under a lease agreement.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.