- A ground rent agreement, made pursuant to this chapter, may be incorporated into the deed, ground lease, or other instrument of transfer in the following form:
- This deed is subject to annual ground rent or charge as follows:
1. Date of agreement;
Terms Used In Tennessee Code 66-30-106
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligee: means any person or entity to whom a residential ground rent is owed, including its successors and assigns. See Tennessee Code 66-30-102
- Obligor: means one (1) or more individuals who are obligated to pay a residential ground rent, including their successors, sublessees or assigns. See Tennessee Code 66-30-102
- Obligor — Obligee –;
3. Ground rent and any future adjustments to it;
4. When payable;
6. Redemption price, if agreed on.