perpetually renewable lease

Hist. A lease that a tenant may renew for another period as often as it expires, usu. by making a payment upon exercising the right.

• In 1922, this type of lease was effectively abolished in England by the Law of Property Act, which provided for the conversion of existing and future perpetually renewable leases to term-of-years leases, and set the maximum term at 2,000 years.

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词条贡献者

译者Terence，毕业于国内顶尖法学院，擅长翻译各种与复杂结构性融资相关的法律文件。