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Limited Purpose Local Government Entities - Other Entities | |
Local Building Authority Act | |
Section 405 | Default under a lease agreement. |
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17D-2-405. Default under a lease agreement. 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: (a) the proceeding under which bonds to fund the project were authorized; and (b) any mortgage given to secure the bonds.
Enacted by Chapter 360, 2008 General Session |
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