77-1-906. Requirements for commercial lease -- improvements.
145 words·~1 min read·
/mt/title-77/chapter-1/part-9/77-1-906·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
77-1-906 . Requirements for commercial lease -- improvements.
(1)The board shall require, subject to the board's supervision and jurisdiction, that the lessee be solely responsible for the expense of maintenance and operation of the enterprise, business, or venture and all improvements made and constructed in support of any commercial purpose during the term of the lease. This requirement does not apply to the installation and construction by the lessee of infrastructure and improvements, such as public roads, parks, sewers, or utilities, if they were required by a local government as a condition of development.
(2)Upon expiration of the lease, the title to all permanent improvements and fixtures located on the leased property and used in the operation and maintenance of the enterprise vests in the state. The lease must describe in detail the manner and subject matter of the transfer to the state.