Sec. 14. (a) An option to purchase on the dates of each year fixed in the lease, before the expiration of the lease, may also be included in the original lease. The price must be computed by a method set out in the lease. The option may be given to one (1) or more lessees acting jointly or severally.

     (b) A lease may not obligate a governmental entity to purchase the leased building or pay creditors or bondholders of the authority.

As added by Acts 1982, P.L.218, SEC.5.

Terms Used In Indiana Code 36-10-11-14

  • Authority: refers to a building authority created under this chapter. See Indiana Code 36-10-11-2
  • Building: means a structure or a part of a structure used for a civic center or a facility that is owned by the city and used by a professional sports franchise, including the site, landscaping, parking, heating facilities, sewage disposal facilities, and other related appurtenances and supplies necessary to make the building suitable for use and occupancy. See Indiana Code 36-10-11-2
  • Governmental entity: means a state agency, state university, or political subdivision. See Indiana Code 36-10-11-2
  • 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
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
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