2019 Indiana Code
Title 32. Property
Article 32. Time Shares and Camping Clubs
Chapter 3. Time Shares and Camping Clubs
32-32-3-10. Leasehold interest

Universal Citation: IN Code § 32-32-3-10 (2019)
IC 32-32-3-10 Leasehold interest

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.

[Pre-2002 Recodification Citation: 24-5-9-31.]

As added by P.L.2-2002, SEC.17.

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