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Building Lease

lessee, lessor and yearly

BUILDING LEASE. The following ex hibits the general form of a building lease : This Indenture made the day of 1910 Between hereinafter called the said lessor of the first part and hereinafter called the lessee of the second part Witnesseth that in consideration of the rent here inafter reserved and of the covenants and agreements hereinafter contained and by or on the part of the lessee to be paid and performed He the said lessor, etc.

Doth by this deed appoint and demise unto the lessee All that piece or parcel of ground. etc. Together with easements and appur tenances to the said piece of ground belonging To have and to hold the said piece of ground unto the lessee from the 1st day of March, 1910, for the term of 99 years, Yielding and paying therefor yearly and every year during the term hereby limited the yearly rent of pounds free from all taxes, save only the landlord's income tax.

And the lessee covenants That the lessee will duly pay the said yearly rent, and all taxes, And also that the lessee will within months from the date hereof erect dwelling houses upon the said ground to the reasonable satisfaction of the said lessor, And also keep in good and substantial order and repair the said dwelling houses.

And in such good and substantial order and repair will on the expiration of the determination of the term hereby limited peaceably yield and deliver the same premises to the lessor And the lessee will insure the said dwelling houses.

Provided always and it is hereby agreed and declared that in case the said yearly rent of or any half-yearly pay ment shall be in arrear for the space of days, or in case the lessee or his sub-lessees shall not faithfully keep all the agreements and covenants in these presents contained, it shall be lawful for the lessor to re-enter upon the said ground and dwelling houses and the lessee and sub-lessees to expel and remove.

And the lessor covenants with the lessee that the lessee paying the yearly rent and observing the covenants and agree ments shall peaceably hold and enjoy the said premises during the time hereby limited.

A building lease is usually granted for 99 years. In cases where the period is 999 years. it is practically equal to a freehold.