To pilot a commercial airline, captains must obtain an airline transport pilot's license from the Federal Aviation Administration (FAA). Applicants for this license must be at least 23 years old. Pilots also must also meet flight time requirements, pass a written and flight exam and meet health standards.
2 A. Introduction 1. Characteristics of a Ground Lease Most commercial leases which real estate lawyers encounter involve the lease of space in a building for a period of years. A ground lease, however, is a much different form of lease whereby the tenant leases the land rather than a building.
At the owners death, because of the current estate tax stepped up basis arrangement, the built in gain may never be taxed. It may also be that the tenant needs only part of a tract, and the government wont allow a subdivision. So, a ground lease is executed with a very, very long term. It could be 500 years. All of the rent is paid up front, amounting to the equivalent of what would have been the purchase price. If the tenant can get a subdivision later, it will have the right to buy the leased land for a nominal sum.