A lease entered into under this chapter may provide that as a part of the lease rental for the school building or buildings the lessee or lessees shall:

1. (1) pay all taxes and assessments levied against or on account of the leased property;
2. (2) maintain insurance on the leased property for the benefit of the lessor corporation; and

3. (3) assume all responsibilities for repair and alterations of the leased property during the term of the lease.

   [Pre-2006 Recodification Citation: 21-5-12-5.]

As added by P.L.2-2006, SEC.170.