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Sec. 10. (a) If the interest of the developer in a project is a leasehold interest, the lease, unless otherwise determined by the division, must provide that:
(1) the lessee must give the association notice of termination of the lease for any default by the lessor; and
(2) the lessor, upon the bankruptcy of the lessee, shall enter into a new lease with the association upon the same terms and conditions as were contained in the lease with the developer.
(b) The division may require the developer to execute a bond or other type of security for the payment of the lease obligation.
Cite this article: FindLaw.com - Indiana Code Title 32. Property § 32-32-3-10 - last updated June 08, 2021 | https://codes.findlaw.com/in/title-32-property/in-code-sect-32-32-3-10/
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