07 AM
25 1033
ADOPTED
SENATE
Senator Chapman of the 3rd offered the following amendment:
Senator Chapman of the 3rd offered the following amendment:
Amend
the Senate Natural Resources and the Environment Committee substitute to HB 214
(LC 25 4956S) by inserting after "certain
taxation;" on line 5
of page 1 the following:
to
change certain provisions relating to terms of leases, assignment, preservation,
continuance, and survival of rights and privileges; to place certain
restrictions on leases;
By
inserting between Sections 4 and 5 the following:
SECTION
4B.
Said
part is further amended by revising Code Section 12-3-245, relating to terms of
leases, assignment, preservation, continuance, and survival of rights and
privileges, as follows:
"12-3-245.
(a)
The leasing of the subdivided lots shall be for not more than 99 years. Such
leases as the authority shall designate may be made freely assignable, subject
to all the liabilities, obligations, and duties imposed upon the lessee by the
authority in its original lease. In its leasehold conveyance or rental
contracts, the authority may create and provide for the preservation of such
rights and privileges in the present or future security grantees, mortgagees, or
other lenders upon the security of the lessee´s or tenant´s rights, as
the authority may deem wise. Such rights and privileges, when created, may also
provide for their continuance or survival after termination or forfeiture of the
original leasehold or rental contract.
(b)(1)
No lot that was under lease for a single-family residential purpose as of the
effective date of this subsection shall be used after such date for a
multifamily residential purpose or further subdivided, whether under the same or
another lease.
(2)
No lot that was under lease for a commercial purpose as of the effective date of
this subsection shall be used after such date for any residential purpose,
whether under the same or another lease.
(3)
This subsection shall not be applied to impair an obligation under any valid
contract entered into prior to the effective date of this
subsection."