17D-2-405. Default under a lease agreement.
If a local entity fails to pay a lease payment due to a local building authority under a lease agreement:
(1) the local entity shall immediately quit and vacate the project;
(2) the local entity's lease payment obligation under the lease agreement terminates; and
(3) the local building authority may immediately lease the project according to the provisions of: the proceeding under which bonds to fund the project were authorized; and any mortgage given to secure the bonds.