Indiana Code 20-47-3-7. Permissible provisions of lease; payment of taxes; insurance
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Sec. 7. A lease entered into under this chapter may provide that as a part of the lease rental for the school building or buildings the lessee or lessees shall:
(2) maintain insurance on the leased property for the benefit of the lessor corporation; and
(1) pay all taxes and assessments levied against or on account of the leased property;
Terms Used In Indiana Code 20-47-3-7
- 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
- school building: means a building used as part of or in connection with the operation of schools and includes the:
Indiana Code 20-47-3-2
(3) assume all responsibilities for repair and alterations of the leased property during the term of the lease.
[Pre-2006 Recodification Citation: 21-5-12-5.]
As added by P.L.2-2006, SEC.170.