Land Lease

Land Lease

The developer FIP Homes Company established the standard ground lease in 1977 at Pond Place. The term of the lease is 50 years from the date the lease was signed by the initial owner of your home. Most leases were signed by the end of 1979; therefore, many leases have less than 20 years left. Once all leases are expired each home owner will own a 1/210 undivided interest in the 70 acres. Lease payments terminate when the lease expires. The leases were purchased by Pond Place Association from FIP Homes Company. The monies collected from these leases benefits all of Pond Place.
Please find the detailed Land Lease Covenant Document here.