Indiana Code 16-23-6-5. Lease provisions
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Sec. 5. A lease authorized by section 3 of this chapter must provide that the corporation will do the following:
(2) Keep the property adequately insured.
(1) Make all repairs to the property leased.
Terms Used In Indiana Code 16-23-6-5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) Maintain the property in as good condition as the property is in at the time of the execution of the lease, natural wear and tear excepted.
[Pre-1993 Recodification Citation: 16-12.2-2-4.]
As added by P.L.2-1993, SEC.6.