Indiana Code 36-12-10-6. Authorized provisions of lease; payment of taxes, insurance, and repairs
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Sec. 6. The lease may provide that, as a part of the lease rental for the library building or buildings, the lessee or lessees shall agree to:
(2) maintain insurance on the 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 36-12-10-6
- 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) assume all responsibilities for repair and alterations with regard to the building or buildings during the term of the lease.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-14-10-6.]
As added by P.L.1-2005, SEC.49.