durable lease

durable lease

A lease with an annual rent and a term “for as long as the grass grows or the water runs.” In most states, leases over 20 years in length must be recorded or they are void for their period beyond 20 years, and leases longer than 99 years are void for any longer periods, even if properly recorded.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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