(1) Except as provided in Subsection (2), this act takes effect on July 1, 1990 and shall apply to all lease contracts that are first made or that first become effective between the parties on or after that date, but shall not apply to lease contracts first made or that first became effective prior to that date unless the parties thereto specifically agree in writing that the lease contract as extended, amended, modified, renewed or supplemented, shall be governed by applicable law as supplemented or amended by this act. Absent such specific agreement transactions validly entered into before that date and the rights, duties, and interests flowing from them remain valid thereafter and may be terminated, completed, consummated or enforced as though this act had not taken effect.
(2) The amendments to former Sections 70A-1-201, 70A-9-113, 70A-9-306, and 70A-9-318 take effect on July 1, 1990.
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