In what type of lease may the ground rent be redeemable or irredeemable?

A ground lease is a specific type of lease agreement where a tenant is permitted to use a plot of land for a certain period of time, typically in exchange for rent, while the underlying ownership of the land remains with the lessor. Ground leases often feature the potential for redeemable or irredeemable ground rent, which refers to whether the tenant can pay the lessor a lump sum to eliminate future rent obligations or not.

In a redeemable lease, the tenant might have the option to repay the ground rent upfront at a set price, thus terminating the obligation to make ongoing payments. In contrast, in an irredeemable lease, the ground rent cannot be bought out, and the tenant must continue to pay rent for the duration of the lease term. This flexibility is a defining characteristic of ground leases, distinguishing them from other lease types, which typically do not involve such terms regarding ground rent.

Other types of leases, such as a leasehold, joint tenancy, or fee simple, do not encompass these specific attributes regarding ground rent, which further emphasizes the unique nature of ground leases in property law.