perpetual lease

Dictionary of Australasian Words Phrases and Usages by Edward E. Morris

though a misnomer, is a statutoryexpression in New Zealand. Under the former Land Acts, thegrantee of a perpetual lease took a term of thirty years, witha right of renewal at a revalued rent, subject to conditions asto improvement and cultivation, with a right to purchase thefreehold after six years' occupation.

Related Words