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Form #1140After Expiration of Term of Years 2
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After expiration of term
of years.
At commencement of second _________ years of this
lease, and at commencement of each _________ years thereafter, the ground,
exclusive of buildings or improvements, is to be appraised by disinterested
appraisers, who shall be citizens and owners of real estate in city of
_________. The appraisement to be under oath and signed by parties. The
appraisers shall be selected, one by lessor, and one by lessee, and if the two
thus selected cannot agree, the two appraisers to select a third appraiser, and
as rent for second term of _________ years (provided a purchase by either of
parties hereto shall not be made as herein provided) lessee shall pay annually
an amount equal to _____% of value of ground as fixed by appraisers, and also
shall pay all taxes and special assessments. At expiration of second _________
years herein provided for, and at the expiration of each _________-year period
thereafter during continuance of this lease, in case _________ shall not then
be living, the buildings and improvements theretofore or hereafter made or
erected by lessee and then remaining on ground shall be also appraised by
disinterested appraisers heretofore provided for, and heirs or assigns of
lessor are to have right to purchase buildings and improvements at such
appraisements, provided they shall so elect within _________ days after
expiration of the term of _________ years, and, in case heirs or assigns shall
not elect to purchase buildings and improvements at appraised price, lessee
shall have right to purchase ground at and for price fixed by appraisers, as
value thereof exclusive of buildings and improvements, provided it so elects to
do within _________ days after expiration of such time when heirs or assigns of
lessor have right to purchase buildings and improvements, and if _________
shall be then living at expiration of _________ years from commencement of this
lease, lessee shall have right to purchase ground at expiration of any of
periods of _________ years when same shall be appraised, as provided for
herein, after death of _________.
The heirs or assigns of _________ to have right first
to purchase buildings and improvements. It being understood that, during
lifetime of _________, lessee does not have the right to purchase ground. In
case heirs or assigns of _________ shall not elect to purchase buildings and
improvements at appraised price and lessee does not elect to purchase ground in
accordance with stipulations herein made, lessee shall pay as rent for ground
for period of _________ years thereafter _____% of appraised value of ground
annually, and all taxes and assessments, the rent to be quarterly in advance,
and at end of each _________ years the same appraisement is to be made in same
manner, and each party to have rights and options, as above provided for
herein, until buildings and improvements are purchased by heirs or assigns of
_________ or ground shall be purchased by lessee.
At expiration of term of _________ years first herein
mentioned, if heirs or assigns of _________ should not elect to purchase
buildings and improvements as provided herein, lessee shall have right of
purchase of ground, as provided herein, and in case lessee does not elect to
purchase ground in accordance with stipulations made herein, this lease shall
be extended for another term of _________ years from that date and lessee shall
pay as rent therefor _____% of appraised value of ground annually, and all
taxes and assessments, the rent to be paid quarterly in advance, as stated
herein, and at end of each _________ years, the same appraisement to be made in
same manner and each party to have the right and options, as above and provided
for herein, until buildings and improvements are purchased by heirs or assigns
of _________, or ground shall be purchased by lessee.
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regading how we deal with your email. We pledge that we will:
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Submissions to this site, including any legal or business forms, posts, responses
to questions or other communications by contributors are not intended as and should
not be construed as legal advice. You are strongly encouraged to consult competent
legal council before engaging in any action based upon content contained on this
site.
These downloadable forms are only for personal use. Retransmission, redistribution,
or any other commercial use is prohibited. This includes reposting forms from this
site to another site offering free legal or other document forms for download.
Please note that the donator may have included different usage terms regarding this
form, and you agree to abide by these terms. It is highly recommended that you have
a licensed attorney review any legal documents for which you are searching in order
to make sure that your needs are being properly and completely satisfied.
Your use of this site constitutes your acceptance of our terms of use and your agreement
to hold this site, its officers, employees and any contributors to this site harmless
for any damage you might incur from your use of any submissions contained on this
site. If you do not agree to the above terms, please do not proceed.
These forms are provided to assist business owners and others in understanding important
points to consider in different transactions. They are offered with the understanding
that no legal advice, accounting, or other professional service is being offered
by these documents or on this website. Laws vary in the different states. Agreements
acceptable in one state may not be enforced the same way under the laws of another
state. Also, agreements should relate specifically to the particular facts of each
situation. Therefore, it is important to consult legal counsel whenever utilizing
these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com
is not engaged in recommending or referring members on the site or making claims
about the competence, character or qualifications of its participating members.
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Keywords: After Expiration of Term of Years 2, Real Estate, legal forms
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