Section 24-1B-9

(a) A ground lease shall have a maximum term of 99 years and may be renewed under conditions set forth in the ground lease. (b) A ground lease shall include, but is not limited to, the following provisions: (1) The term and, if applicable, renewability of the ground lease. (2) The resale-restricted formula. (3) A community land trust’s preemptive purchase option right. (4) An organizing municipality’s preemptive purchase option right. (5) Any term that, if violated, becomes grounds for cancelling the ground lease, subject to any superior rights of a mortgagee or other holder of an interest in the real property, and in accordance with the provisions of Section 24-1B-8(d). (6) Occupancy requirements consistent with the basis used to determine whether the specified interest is affordable housing. (7) The amount of the ground lease fee and the conditions under which the fee may be increased. (c) A community land trust shall record any ground lease in its entirety.