Abstract: A lock assembly includes a first member rotatably mounted to a housing plate. The first member has a first aperture with flared sidewalls and a second aperture with flared sidewalls. A second member is fixed to the housing adjacent to the first member. The second member is positioned adjacent to the first aperture but not the second aperture. The first member extends through the housing plate and is fixed to a latch mechanism. When a padlock is inserted through the first aperture and is locked, the first member is prevented from rotation by the second member. However, when the padlock is inserted through the second aperture, the padlock does not strike the second member allowing the member to rotate freely. The padlock also functions as a handle when in the second aperture, eliminating the need for a separate handle.