The Law
Under the traditional American common law doctrine, the 99-year term was not literal, but merely an arbitrary time span beyond the life expectancy of any possible lessee or lessor.
In the law of several US states, a 99-year lease will always be the longest possible contract for realty by statute, but many have enacted shorter terms and some allow infinite terms.
The 99-year lease concept has been more common under the civil law regimes when it comes to concessions of territory: most concessions last for 99 years.
Read more about this topic: 99-year Lease
Famous quotes containing the words the law and/or law:
“Two principles, according to the Settembrinian cosmogony, were in perpetual conflict for possession of the world: force and justice, tyranny and freedom, superstition and knowledge; the law of permanence and the law of change, of ceaseless fermentation issuing in progress. One might call the first the Asiatic, the second the European principle.”
—Thomas Mann (1875–1955)
“For through the law I died to the law, so that I might live to God. I have been crucified with Christ; and it is no longer I who live, but it is Christ who lives in me. And the life I now live in the flesh I live by faith in the Son of God, who loved me and gave himself for me.”
—Bible: New Testament, Galatians 2:19-20.
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