§ 21-27. Leases.

Latest version.

(a)

A leasehold interest with an original term of thirty-five (35) years or more, including all renewal options, shall be deemed to be an ownership interest in real property under Section 21-18, and the creation, transfer or termination of any such leasehold interest shall constitute a transfer of an ownership interest in real property under Section 21-18.

(b)

Upon the transfer of a leasehold interest described in subsection (a) of this section, only leasehold liens and encumbrances shall be considered in determining the net value transferred under Section 21-19.

(Ord. No. 3982, § 2 (part), 3-25-08)

                    
                        var val = document.getElementById('citecontent').innerHTML;
                        art.dialog.defaults.title = window.location.href;
                        art.dialog.data('cite', val);
                        art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                        art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');