Utah Code § 17D-2-405

Current through the 2024 Fourth Special Session

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

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.

Utah Code § 17D-2-405

Enacted by Chapter 360, 2008 General Session .