(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 the provisions of Sections 37-7-471 through 37-7-483, shall provide that the title to such property shall automatically revert to the school district, if such property shall cease to be used for the purpose for which it is conveyed or leased. 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) The provisions of 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.
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