Code · Utah · Title 17D — Limited Purpose Local Government Entities - Other Entities · Chapter 2

17D-2-405. Default under a lease agreement.

94 words·~1 min read·/ut/title-17d/chapter-2/17d-2-405

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

If a local entity fails to pay a lease payment due to a local building authority under a lease agreement:

(1)the local entity shall immediately quit and vacate the project;

(2)the local entity's lease payment obligation under the lease agreement terminates; and

(3)the local building authority may immediately lease the project according to the provisions of:

(a)the proceeding under which bonds to fund the project were authorized; and

(b)any mortgage given to secure the bonds.

Enacted by Chapter 360 , 2008 General Session