When a special assessment is made on real property owned by an issuer and leased under authority of this chapter, the installments of the assessment shall be paid by the lessee of such real property so long as such property is leased and any installment thereof remaining unpaid at the termination of any such lease shall thereafter be paid by the issuer so long as such property is owned by it.

Terms Used In Ohio Code 902.12

  • Issuer: means the state, or any county or municipal corporation of the state. See Ohio Code 902.01
  • 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: means real and personal property. See Ohio Code 1.59
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

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