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ground lease |
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Ground lease A lease of land, as opposed to a lease of a building. ground lease A long-term lease of land in which the tenant will erect improvements at its own expense. Not a desirable arrangement from the tenant's point of view, but sometimes the only way to gain access to extremely valuable real estate in an excellent location.The owner may be unwilling to sell,or the owner may have received the property by gift or deed (such as a church or university) and be prohibited from selling for some period of time. At the end of the lease term, the improvements become the property of the landowner. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Jaime Weiss, president, arranged the signing of a 25-year ground lease on behalf of North Fork Bank with property landlord, Chris Morgan. Under the plan approved last week, developers would pay the CRA and the county more than $110 million in ground lease and incentive rent payments over the three phases of construction. The property is subject to a long-term ground lease with Los Angeles County and includes seven low-rise buildings and one 13-story towel'. |
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