Indiana Code 5-1.2-8-24. Mortgages
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Sec. 24. If an educational facility is financed and mortgaged under sections 22 and 23 of this chapter:
(2) there may not be a lease of the facility between the authority and the institution.
(1) the title to the facility must remain in the nonprofit college or university owning the facility, subject to the lien of the mortgage securing the promissory notes then being purchased; and
Terms Used In Indiana Code 5-1.2-8-24
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
As added by P.L.189-2018, SEC.25.