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Moffat Tunnel – leased to Union Pacific Railroad by the state of Colorado under a 99-year lease until 2025. [5] A lease extension of 25 years was agreed to after the initial 99 years expired. [6] [7] Ontario Highway 407 Express Toll Route – leased to private company by the Ontario provincial government under Premier Mike Harris for C$3.1 ...
A 999-year lease, under historic common law, is an essentially permanent lease of property. The lease locations are mainly in Britain , its former colonies, and the Commonwealth . A former colony, the Republic of Mauritius ( The Raphael Fishing Company Ltd v.
A rental agreement is a contract of rental, usually written, between the owner of a property and a renter who desires to have temporary possession of the property; it is distinguished from a lease, which is more typically for a fixed term. [1]
A non-cancelable lease is a lease that cannot be so terminated. Commonly, "lease" may imply a non-cancelable lease, whereas "rental agreement" may connote a cancelable lease. Influenced by land registration, commonly tenancies initially granted for more than a year are referred to more simply as leases. [6]
Leaseholders have a right after two years to extend a lease with less than 99 years to run and reduce ground rent to a "peppercorn", i.e. close to zero, but developers have thwarted this with costly leases of more than 150 years that make the valuation – based on the ground rent and term – beyond the reach of leaseholders, and sell the ...
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