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MICHIGAN STATE UNIVERSITYAcademic AffairsAttachment 1APPROVEDBOARD OF TRUSTEESSEPTEMBER 6, 2024
Executive Action Summary
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BOARD OF TRUSTEES
MICHIGAN STATE UNIVERSITY
Date: September 6, 2024Committee
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A long-term ground lease is a legal agreement in which a landowner leases land to a tenant for an extended period, typically ranging from 30 to 99 years, allowing the tenant to build and operate structures on the land.
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The parties involved in the lease agreement, usually the landowner and the tenant, are required to file the long-term ground lease with the appropriate local government or regulatory authority.
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To fill out a long-term ground lease, both parties should provide their names, contact information, and details about the property, lease term, rental payments, and any specific terms or conditions applicable to the lease.
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The purpose of a long-term ground lease is to enable tenants to use the land for development or business purposes while providing landowners with stable income over an extended period.
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Information that must be reported on a long-term ground lease includes the identities of the lessor and lessee, property description, lease duration, rental terms, and any obligations or rights of the parties involved.
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