Redeemable Ground Rent

Redeemable Ground Rent means:
a ground rent payable under a freely assignable lease that is for a term in excess of 15 years, including renewal options. The leaseholder has the right to terminate the lease and, by virtue of state or local law, to acquire the lessor's entire interest in the land. The lessor's interest in the land is primarily a security interest to protect the rental payments. Annual or periodic payments of redeemable ground rent (excluding amounts paid in redemption) are treated as interest paid on mortgage indebtedness.