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Simple English definitions for legal terms
bail emphytéotique
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A quick definition of bail emphytéotique:
A bail emphytéotique is a type of lease that can be renewed for many years. It allows the person leasing the property to extend the lease for as long as they want. It's like renting a house, but you can keep renting it for a really long time.A more thorough explanation:
Definition: A renewable lease for a term of years that the lessee may prolong indefinitely.
Example: A farmer leases a piece of land for 99 years with the option to renew the lease indefinitely. This is an example of a bail emphytéotique.
Explanation: Bail emphytéotique is a type of lease commonly used in Canadian law. It allows the lessee to lease a property for a long period of time, usually 99 years, with the option to renew the lease indefinitely. This type of lease is often used for agricultural or commercial properties where long-term investment is required. The example illustrates how a farmer can lease a piece of land for a long period of time and renew the lease indefinitely, providing long-term security for their business.