(1) Unless a school board retains a partial interest, or undivided interest or other ownership interest in the school property being conveyed, any instrument conveying or leasing any school property under Sections 37-7-471 through 37-7-483, shall provide that the title to such property shall revert to the school district, if such property shall cease to be used for the purpose for which it was originally conveyed or leased or for an alternative purposed approved by the school board at the time of the proposed conveyance or lease in accordance with this section. If any alternative use of the school property is allowed, the instrument of conveyance shall include procedures that must be followed requiring the grantee or lessee to present the alternative use to the school board for consideration and to obtain school board approval for the alternative use specified therein. The school board may approve the alternative use if the board finds and makes a determination, by resolution duly adopted and lawfully spread upon its minutes that: (a) the school property is not needed for school or related purposes, and (b) the proposed alternative use is an authorized use allowed by Section 37-7-473. Said instrument shall also contain the condition that the grantee or lessee shall keep and maintain said property in a good state of repair and shall keep said property insured in a reasonable amount against loss by fire, windstorm and other hazards. Upon breach of any of said conditions, the school board shall have the right of reentry upon said property as for condition broken and shall have the power and authority to bring and maintain such actions as shall be necessary and appropriate for such purpose in its own name. However, the provisions of this section shall not be mandatory in the event that the school board retains a partial interest, or undivided interest or other ownership interest in the school property being conveyed.
(2) Subsection (1) of this section shall not be applicable to any transaction of acquisition by the United States, by purchase, condemnation, conveyance or otherwise of any school property or any other real property possessed by the state as authorized by Section 3-5-1.