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.

References in periodicals archive ?
Contract notice: With a service, a mixed rental contract for the purchase of 9 new vehicles in a durable lease, with the provision of associated fleet management services.
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