BE DONE BY A TWO THIRDS VOTE OF THE TRUSTEES THERETO AND WITH THE APPROVAL OF THE GOVERNOR. 60 O.S. 176(D). ON THE MUNICIPAL OR OTHER LEVEL, IT APPEARS THAT A TRUST WOULD NOT BE PROHIBITED FROM MODIFYING TERMS. IN ADDITION, THE LIMITATION CREATED BY SECTION 60 O.S. 176(A), BY WHICH THE TRUSTEES MAY ONLY LEASE TRUST PROPERTY, MAY INVALIDATE A LEASE-PURCHASE. IT WOULD BE MY OPINION THAT IF THE PARTIES PROPERLY AGREED TO A LEASE OF THE PROPERTY, ANY PURPORTED LEASE PURCHASE AGREEMENT WAS WHOLLY SUPERSEDED. AGAIN, HOWEVER, THIS MAY BE LIMITED BY MUNICIPAL CHARTER OR ORDINANCE OR BY THE TERMS OF THE ORIGINAL AGREEMENT. IF THE LEASE-PURCHASE AGREEMENT WAS SUPERSEDED BY THE SUBSEQUENT LEASE AGREEMENT, THERE WOULD BE NO CHANGE OF OWNERSHIP OF THE PROPERTY, AND IT WOULD CONTINUE TO BELONG TO THE LESSOR, WHICH IS THE MUNICIPALITY ACCORDING TO YOUR QUESTION.
YOUR SECOND QUESTION ASKS THE NECESSITY FOR A LEASE AGREEMENT TO BE FILED WITH THE SECRETARY OF STATE'S OFFICE IN ORDER TO THE LEASE TO SUPERSEDE THE PRIOR LEASE-PURCHASE AGREEMENT. A REVIEW OF TITLE 60 INDICATES NO SUCH REQUIREMENT. THEREFORE, IT IS MY OPINION THAT IT IS NOT NECESSARY TO FILE SUCH AN AMENDMENT FOR IT TO BE VALID.
YOUR THIRD QUESTION ASKS IF IT WOULD BE LEGAL FOR EITHER PARTY TO A LEASE AGREEMENT TO SELL THE PROPERTY CONCERNED TO A THIRD PARTY IF SUCH A PROVISION WAS NOT SPECIFIED IN THE LEASE AGREEMENT. AS NOTED ABOVE, TRUSTEES IN A-PUBLIC TRUST DO NOT HAVE AUTHORITY TO SELL REAL OR PERSONAL PROPERTY WHICH IS PART OF THE TRUST. 60 O.S. 176(A) (1991). THE TRUSTEES MAY LEASE IT ONLY. ID. ONLY A MUNICIPAL AIRPORT TRUST MAY SELL REAL PROPERTY TO AN INDUSTRIAL DEVELOPMENT AUTHORITY. 60 O.S. 176(B). AS TO ALIENATION BY THE LESSEE, OKLAHOMA PROVIDES THAT A LEASE GRANTS THE LESSEE WITH THE RIGHT OF EXCLUSIVE POSSESSION ONLY. BUCK V. DEL CITY APARTMENTS, 431 P.2D 360 (OKLA. 1967). TITLE 41 O.S. 1991, 10, FURTHER LIMITS THE ABILITY OF A LESSEE TO ASSIGN ITS INTEREST REAL PROPERTY.
NO TENANT FOR A TERM NOT EXCEEDING TWO YEARS, OR AT WILL, OR BY SUFFERANCE, SHALL ASSIGN OR TRANSFER HIS TERM OR INTEREST, OR ANY PART THEREOF, TO ANOTHER, WITHOUT THE WRITTEN ASSENT OF THE LANDLORD OR PERSON HOLDING UNDER HIM.
SO LONG AS THE LEASE TERM IS IN EXCESS OF TWO YEARS, IT APPEARS THE LESSEE WOULD HAVE AUTHORITY TO ASSIGN ITS INTEREST, BUT NOT SELL THE PROPERTY. AGAIN, HOWEVER, THERE COULD BE TERMS WITHIN THE AGREEMENT OR WITHIN THE MUNICIPAL CHARTER OR ORDINANCES WHICH WOULD PROHIBIT ANY TRANSFER OF THE PROPERTY.
YOUR FOURTH QUESTION ASKS IF IT BE WOULD LEGAL FOR EITHER PARTY TO ALIENATE THE PROPERTY UNDER THE LEASE IF THE PROPERTY IS COLLATERAL ON ANY REVENUE BONDS ISSUED BUT NOT PAID OFF. IT HAS PREVIOUSLY BEEN NOTED THAT THE ABILITY TO SELL THE PROPERTY MAY BE LIMITED ON THE PART BOTH THE LESSOR AND LESSEE. 60 O.S. 176(A) AND 60 O.S. 176(B). SEE ALSO BUCK, SUPRA.
NO