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Form #1140

After Expiration of Term of Years 2

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After Expiration of Term of Years 2 - This form is free for download.

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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.



 
Contributed by
Asian Investment Advisers
 
Name of Firm Asian Investment Advisers
Total Forms Contributed 61
 

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Terms Of Use

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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