1. (a) The land bank may, as a condition of the purchase, transfer, or lease, require a person to enter into an agreement that conditions the purchase, transfer, or lease on the person fulfilling one (1) or more of the following terms:

   1. (1) If the property is a dwelling, reside in the real property as the person's principal place of residence for a specified period not to exceed three (3) years.
   2. (2) Bring the property up to minimum code standards in not more than twelve (12) months.
   3. (3) Carry adequate fire and liability insurance on the property at all times.
   4. (4) If the conveyance is to a person to develop the property, cause development of the property within a specified period, not to exceed five (5) years.
   5. (5) Comply with any additional terms, conditions, and requirements as the land bank requires that further the mission of the land bank.

2. (b) Any material failure of a person to fulfill the agreement described in subsection (a) nullifies the agreement. Upon nullification of the agreement:

   1. (1) the sale, transfer, or lease of the property is void; and

   2. (2) the land bank retains the interest in the property that the land bank possessed before the sale, transfer, or lease.

      However, the land bank may grant the person a specified period, not to exceed two (2) years, to come into compliance with the terms of the agreement. The land bank may subordinate its interest under the terms of the agreement to financial institutions or persons lending money to the person for the purpose of allowing the person to fulfill the terms of the sale, transfer, or lease.

As added by P.L.211-2016, SEC.1.