Legislative record

RELATING TO REAL PROPERTY LEASES.

Prohibits the resetting of lease rents for long-term commercial leases above a level that is economic for the lessee's actual use of the property. Requires that a lessee whose long-term commercial lease has been terminated be compensated for the value of buildings, infrastructure, and businesses created by the lessee that will be retained by the lessor. Allows a lessee the right to purchase the property at fair market value.