Legal Definitions - perpetually renewable lease

A perpetually renewable lease is a type of lease agreement where the tenant has the right to renew the lease for another period as often as it expires, usually by making a payment upon exercising the right. This type of lease is no longer common and was abolished in England in 1922. The maximum term for a lease was set at 2,000 years.

Example: John has a perpetually renewable lease for a piece of land. He has the right to renew the lease for another period as often as it expires by making a payment. This means that John can continue to use the land for as long as he wants, as long as he keeps renewing the lease.

The example illustrates how a perpetually renewable lease works. The tenant has the right to renew the lease for another period as often as it expires, which means that the tenant can continue to use the property for an indefinite period.