21:15
Feel like I can finally stop holding my breath!! Whew!!!
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Simple English definitions for legal terms
ground lease
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A quick definition of ground lease:
A ground lease is a type of contract where someone who owns land lets someone else use it for a long time, usually 99 years. The person using the land, called the lessee, usually pays rent to the owner, called the lessor. The lessee can build things on the land, but when the lease is up, the things they built usually belong to the lessor.A more thorough explanation:
Definition: A ground lease is a long-term lease of land only, typically for 99 years. The rightful possessor of the land (lessor) conveys the right to use and occupy the land to another party (lessee) in exchange for rent. The lessee is responsible for any improvements made on the land, which usually revert to the lessor at the end of the lease term.
Example: A real estate developer leases a piece of land from the owner for 99 years to build a shopping mall. The developer pays rent to the owner for the land and is responsible for constructing and maintaining the mall. At the end of the lease term, the ownership of the mall reverts to the owner of the land.
Explanation: The example illustrates a ground lease where the owner of the land leases it to a developer for a long-term period. The developer is responsible for constructing and maintaining the mall and pays rent to the owner for the land. At the end of the lease term, the ownership of the mall reverts to the owner of the land. This type of lease is common in commercial real estate, where the owner of the land wants to retain ownership of the land while allowing another party to develop and use it for a specific purpose.