Do you know what a petrified lease is ? I am looking to buy commercial land which has a cell tower and the owner says he got a one time payment and has a petrified lease . Any help would be appreciated.
I think you misunderstood, it's a "perpetual lease" or "perpetual easement". The owner sold their revenue stream in perpetuity on the cell tower to a third party lease buyout firm or to the carrier. They will never pay you any rent. Is the commercial property is still a good deal with a non paying cell tower on it? Or maybe you can negotiate a lower sales price for yourself?
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