OBJECTIVES: The rented premises are used by the tenant exclusively for residential purposes and are not diverted for other purposes. It is expressly agreed that, if the premises are used for other purposes at any time, the owner has the right to terminate this contract, without prejudice to his other legal rights. 4. that the lessor pays the property taxes levied by the leased premises corresponding to the above-mentioned land, while the lessee pays the property taxes levied on the building and other improvements introduced by it; Land leases to companies often have a long term of fifty years or more. In July 2016, AllianceBernstein LP was awarded a 99-year inheritance law contract for the George Washington Hotel in New York. Commercial land leases may be the right to install a billboard, build a telecommunications tower (i.e.: For wireless mobile reception), for the opening of a fast food chain restaurant or for the development of a large multi-storey hotel complex. Agricultural leases may include the use of land as a farm for crops and orchards, as a ranch for hunting wild and forest animals on the site, or as pasture for grazing animals such as cattle, goats and sheep. 1. that the term of the lease begins for a period of ______ For example, Owen, the owner of the land, may have allowed Tim, the tenant, to cultivate the land without an agreement. Fifteen years later, Tim claims he owns the land, while Owen argues that he is the actual owner of the land. .