12-2-305 - Provision in lease to convey title upon retirement of obligations. - Tennessee Statutes

12-2-305. Provision in lease to convey title upon retirement of obligations.

Every lease and sublease made by a municipality with a not-for-profit corporation under § 12-2-302(3) shall include a provision requiring such not-for-profit corporation to transfer and convey all of its right, title and interest in and to the project covered thereby immediately upon the payment and retirement of all bonds and other obligations issued by such not-for-profit corporation for the purpose of financing the cost of such project.

[Acts 1965, ch. 328, § 5; impl. am. Acts 1968, ch. 523, § 1 (17.06); T.C.A., § 12-233.]