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Current as of May 05, 2022 | Updated by FindLaw Staff
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.
Cite this article: FindLaw.com - Utah Code Title 17D. Limited Purpose Local Government Entities--Other Entities § 17D-2-405. Default under a lease agreement - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-17d-limited-purpose-local-government-entities-other-entities/ut-code-sect-17d-2-405/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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