If a building or buildings that have been leased under IC 20-47-2 are located in the territory annexed or acquired, as described in section 1 of this chapter:

1. (1) the school corporation acquiring the territory:

   1. (A) shall pay the full amount of the lease rental payments due after the territory is annexed or acquired in accordance with the terms of the lease; and
   2. (B) succeeds to and possesses all the rights and is subject to the obligations of the lessee under the lease, including the right of occupancy and use of the building; and

2. (2) all rights and obligations of the lessee school corporation named in the lease terminate.

   [Pre-2006 Recodification Citation: 21-5-10-2.]

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