Section 480E-9 - Distressed property lease(a) A distressed property lease shall be in writing and shall fully disclose: (1) All rights and obligations of the distressed property lessor and distressed property lessee;(2) The exact terms of the agreement between the distressed property lessor and distressed property lessee;(3) The exact period of time the distressed property lease is to be in effect; and(4) The total amount and terms of compensation to be directly or indirectly received by the distressed property lessor.(b) Distressed property lessees shall be afforded all rights under the landlord-tenant law of the State. No distressed property lease shall provide a distressed property lessee with rights less than those provided by the State's landlord-tenant law as set forth in chapters 521 and 666.(c) The first page of a distressed property lease shall contain in a type size no smaller than fourteen-point boldface type:(1) A description of the distressed property;(2) The name, street address, and telephone number of the distressed property lessor; and(3) The name and address of the distressed property lessor to which lease or rental payments, correspondence, and notices are to be mailed.(d) A distressed property lease shall be dated and signed by the distressed property lessor. If the distressed property lessor is a person other than an individual, the individual executing the distressed property lease on behalf of the distressed property lessor shall identify the title and office held by the individual.(e) A distressed property lease shall be dated and signed by all lessees of the distressed property.(f) The distressed property lessor shall provide each distressed property lessee with a copy of the distressed property lease immediately upon execution by all parties to the distressed property lease. A distressed property lease shall not be effective until all parties to the distressed property lease have signed the lease. L 2008, c 137, pt of §2 .