What happens to the clts land and lease agreements if the CLT dissolves?
If a CLT dissolves and ownership of the land is transferred to a new entity with a compatible mission (as required in the Articles of Incorporation), the new owner is obligated to honor the long-term lease agreements between the CLT and its leaseholders. Should the land ever be offered to a non-charitable buyer, land trust homeowners have the right of first refusal to buy the land beneath their homes. 16.
Related Questions
- Can a landowner take out the policy by themselves if they don’t actually lease the land for hunting, but allow friends and family members to hunt?
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