Florida Florida Statutes
§ 154.215
FS § 154.215Ch. 154
Statute text
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(d)The terms of the agreement of lease or loan agreement shall terminate not earlier than the date on which all such bonds and all other obligations incurred by the authority in connection with the project or projects financed or refinanced thereunder are paid in full, including interest, principal, and redemption premiums, if any, or adequate funds for such payment are deposited in trust.
(e)The lessee's obligation to pay rent under the agreement of lease and the obligor's obligation to make loan payments under a loan agreement may not be subject to cancellation, termination, or abatement by the lessee or the obligor until such payment of the bonds or provision for such payment is made.
(2)Such agreement of lease or loan agreement may contain such additional provisions as in the determination of the authority are necessary or convenient to effectuate the purposes of this part, including provisions for extensions of the term and renewals of the lease or loan agreement and vesting in the lessee an option to purchase the project leased thereunder pursuant to such terms and conditions consistent with this part as shall be prescribed in the lease. Except as may otherwise be expressly stated in the agreement of lease or loan agreement, to provide for any contingencies involving the damaging, destruction, or condemnation of the project financed or refinanced or any substantial portion thereof, such option to purchase may not be exercised unless all bonds issued for such project, including all principal, interest, and redemption premiums, if any, and all other obligations incurred by the authority in connection with such project, shall have been paid in full or sufficient funds shall have been deposited in trust for such payment. The purchase price of such project shall not be less than an amount sufficient to pay in full all of the bonds, including all principal, interest, and redemption premiums, if any, issued for the project then outstanding and all other obligations incurred by the authority in connection with such project.
Legislative history
s. 7, ch. 74-323; s. 3, ch. 2025-179.