Indiana § 36-12-10-4 - Provisions of lease
Full text of Indiana Indiana Code § 36-12-10-4 — Provisions of lease, with citation guidance and answers to common questions.
§ 36-12-10-4. Provisions of lease
Sec. 4. (a) All contracts of lease must provide that:
(1) the municipal corporation or corporations have an option to renew the lease for a further term, with like conditions; or
(2) the property covered by the lease may be purchased after six (6) years from the execution of the lease and before the expiration of the term of the lease, on the date or dates in each year that are fixed, at a price equal to the amount required to enable the lessor corporation owning the site to:
(A) liquidate by paying all indebtedness, with accrued and unpaid interest; and
(B) recover the expenses and charges of liquidation.
(b) However, the purchase price prescribed by subsection (a)(2) may not exceed the capital actually invested in the property by the lessor corporation represented by outstanding securities or indebtedness plus the cost of transferring the property and liquidating the lessor corporation.
(c) A lease may not provide that any municipal corporation is under an obligation to purchase the leased library facilities or under an obligation in respect to the creditors, members, or other security holders of the lessor corporation.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-14-10-4.]
As added by P.L.1-2005, SEC.49. Amended by P.L.42-2018, SEC.51.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 36-12-10-4
What does Indiana Code § 36-12-10-4 cover?
Section 36-12-10-4 ("Provisions of lease") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 36-12-10-4?
A common citation format is "Indiana Code § 36-12-10-4" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 36-12-10-4 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.