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Jamaica NHT Lease Application. This is a complex real estate scenario involving a "Life Lease" model, which is distinct from a traditional fee simple purchase. In a Life Lease, the occupant (the "Life Tenant") pays an upfront capital sum for the right to occupy the unit for the duration of their life, while the organization (NHT) retains ownership. Given the unique risks—specifically the potential for dormant estate claims and the $85,000 USD flat-rate renovation fee—the indemnity and "Alternative Property" clauses are critical. LIFE LEASE AGREEMENT (DRAFT) PARTIES: * THE NATIONAL HOUSING TRUST (NHT), a statutory body established under the National Housing Trust Act of Jamaica (the "Trust"). * [NAME OF OCCUPANT], of [Address] (the "Life Tenant"). 1. GRANT OF LIFE LEASE The Trust hereby grants to the Life Tenant a Life Lease interest in the property located at [Property Address/Lot Number] (the "Premises"). This agreement is a Life Lease as defined by standard common law principles and is subject to the terms herein. The agreement also applies to properties that are not already under registrations before the first day in January 2026.
Jamaica NHT Lease Application. This is a complex real estate scenario involving a "Life Lease" model, which is distinct from a traditional fee simple purchase. In a Life Lease, the occupant (the "Life Tenant") pays an upfront capital sum for the right to occupy the unit for the duration of their life, while the organization (NHT) retains ownership. Given the unique risks—specifically the potential for dormant estate claims and the $85,000 USD flat-rate renovation fee—the indemnity and "Alternative Property" clauses are critical. LIFE LEASE AGREEMENT (DRAFT) PARTIES: * THE NATIONAL HOUSING TRUST (NHT), a statutory body established under the National Housing Trust Act of Jamaica (the "Trust"). * [NAME OF OCCUPANT], of [Address] (the "Life Tenant"). 1. GRANT OF LIFE LEASE The Trust hereby grants to the Life Tenant a Life Lease interest in the property located at [Property Address/Lot Number] (the "Premises"). This agreement is a Life Lease as defined by standard common law principles and is subject to the terms herein. The agreement also applies to properties that are not already under registrations before the first day in January 2026.
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