Connecticut General Statutes 47-303 – Required ground lease provisions
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A ground lease between a community land trust and a lessee shall include provisions designed to preserve long-term eligible housing on the land. Such provisions may include, but shall not be limited to, a first option to purchase and restrictions on the resale, subletting or assignment of improvements or portions thereof. Such provisions shall not be subject to any general statute or rule of law limiting the duration, degree or nature of restraints on real property, including, but not limited to, the common law rule against perpetuities, the uniform statutory rule against perpetuities and the rule against unreasonable restraints on alienation.
Terms Used In Connecticut General Statutes 47-303
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Statute: A law passed by a legislature.