{"data":{"id":"us-ky/krs-162.330","jurisdiction":"us-ky","citation":"KRS 162.330","heading":"Lease of building -- Option to purchase.","body":"Immediately upon the execution of the contract provided for by KRS 162.320, the person\nto whom the site is conveyed shall execute, acknowledge, and deliver to the governing\nbody of the state educational institution, a lease of the site and the building to be erected\nthereon, for a term of one (1) year from the time the building is completed and ready for\noccupancy, with an option in the lessee to extend the term of the lease for a term of one\n(1) year from the expiration of the original term of the lease an d for one (1) year from the\nexpiration of each extended term of the lease, until the original term of the lease has been\nextended for a total number of years to be agreed upon by the parties at a rental which, if\npaid for the original term and for each of the full number of years for which the term of\nthe lease may be extended, will amortize the total cost of the erection of the building and\nappurtenances. The rent shall be paid at such times as the parties to the lease agree upon.\nThe lease shall provide t hat the lessee may, at the expiration of the original or any\nextended term, purchase the leased premises at a stated price, which shall be the balance\nof the total cost of the erection of the building and appurtenances not amortized by the\npayments of rent previously made by the lessee. The lease shall provide that in the event\nof the exercise of the option to purchase the leased premises or in the event the lease has\nbeen extended for the full number of years which it is agreed the same may be extended,\nand all rents and payments provided for in the lease have been made, the lessor shall\nconvey the premises to the lessee in fee simple with covenant of general warranty of title.\nThe lease may provide that the lessee shall, as additional rent for the leased p remises, pay\nall taxes assessed against the leased premises, and the cost of insuring the building\nerected thereon against loss or damage by fire and windstorm in such sum as may be\nagreed by the parties thereto.","path":["KRS Chapter 162"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=4060","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:12Z","sha256":"0af14d84f70e39c4a373414ff20e15ecf77235b9988b617db1ebb0f570be5433","source_id":"us-ky","stale":false,"prev":"us-ky/krs-162.320","next":"us-ky/krs-162.340"},"notice":"GroundRules: Original legal text. Not legal advice."}