Residential land may include a place in a trailer park or the right to build a small cottage in the forest. In the urban environment, rural leasing is often used by department stores who want to take advantage of a prime location without having to pay large sums of money for the underlying real estate. Business expansion plans can use leasing to strategically use equity or available money, to improve the country, to generate income instead of buying real estate. And landowners can generate constant income each year and perhaps inherit all the structures or improvements built in the countryside when the lease ends. Historically, sharecropping – the exchange of income from crops instead of rent – became popular in the South during reconstruction and after the American Civil War, as a way for newly released men who had no capital and land to rent to landlords and pay some of the cash like cotton, tobacco, rice and sugar as rent. Section 2.4 Life Extension Option. The tenant has the option of extending the term of one (1) additional period of ninety-nine years (99) years (the “extension period”). To make use of this renewal option, the tenant must notify the landlord in writing no later than twelve (12) months before the initial term expires. All terms of the tenancy agreement remain fully in effect during the extension period, with the exception of the basic rent which is adjusted in accordance with point 4.1 above.
Section 2.6 Compulsory purchase by tenants. In the event that one of the following events in this section 2.6 occurs during the first ten (10) years of maturity (a “put event”), the lessor may, depending on the tenant`s choice, require the tenant to purchase the premises at the prevailing sale price by informing the tenant of this requirement within 60 days of a put event (a put-message). In this case, the tenant and landlord close this purchase on a date to be determined by the parties, but no more than sixty (60) days after such notification or above one hundred and twenty (120) days after that notification. In the event that the parties are unable or unable to agree on such a conclusion, such a conclusion occurs on the day of one hundred and twenty (120) days after the Put Notice or the next business day. This closure is carried out by applying the closing procedures applicable to the financial statements in accordance with Section 2.5 (b) (including the delivery of a default to the lessor). The put event is as follows: for and in view of the rent shown below, for and for and taking into account the mutual agreements described in it and for other good and valuable counterparties, the lessor takes the premises described above, according to and under the conditions indicated in this term, as follows: Whatever the country is used , a lease allows both parties to clarify and minimize important details to avoid future disputes or confusions.