recreational lease
recreational lease
(1) Separate ownership of recreational facilities at a condominium project or planned unit development, with the owner leasing their use to the residents. (2) Leasing of land for recreational purposes such as hunting, fishing, snow sports, and motor sports. It is a method of keeping land largely natural and still enjoying some sort of income.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.