(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: (a) the proceeding under which bonds to fund the project were authorized; and (b) any mortgage given to secure the bonds.
(a) the proceeding under which bonds to fund the project were authorized; and
(b) any mortgage given to secure the bonds.
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