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Ground Lease
A ground lease is a long-term lease for the sole use or occupancy of land. Leases of this type are generally over 30 years in duration and 99-year ground leases are not uncommon. Under the provisions of a ground lease, the tenant is allowed to erect buildings and make any improvements of a certain nature or standard. Any new buildings or improvements are the property of a tenant in a ground lease. As these improvements are made, they then may be used to secure the lease. An example of a ground lease is when a cellular service provider wants to erect a cell tower on an individual's land. The individual owns the land, but the cellular company owns the tower itself and any other structures that may have been erected on the rented property.