Final answer:
The lease in question is known as a ground lease, which is a long-term arrangement where the tenant develops the property with a building and reverts back to the landowner upon expiration.
Step-by-step explanation:
When a landowner leases land to a tenant who agrees to erect a building on it, the lease usually is called a ground lease. A ground lease is a long-term lease of land, typically 50 to 99 years, where the tenant is permitted to develop a piece of property during the lease period. After the lease expires, the land and all improvements on it revert back to the landowner unless an extension is agreed upon. Ground leases are distinct from other types of leases because they involve only the land itself, and the buildings or structures erected on the land are owned by the lessee until the lease ends.