North Carolina General Statutes 41-30. Leases to commence in the future
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Terms Used In North Carolina General Statutes 41-30
- 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
A lease to commence at a time certain or upon the occurrence or nonoccurrence of a future event becomes invalid if its term does not actually commence in possession within 30 years after its execution. For purposes of this section, the term “lease” does not include an oil, gas, or mineral lease. (1995, c. 525, s. 1.)