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MICHIGAN STATE UNIVERSITYAcademic AffairsAttachment 1APPROVEDBOARD OF TRUSTEESSEPTEMBER 6, 2024 Executive Action Summary ___ 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.
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.
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.
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.
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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