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The Law of 22 October 2008 called the Housing Pact (
Pacte
Logement) defines a long-term lease (
bail
emphytéotique) as "a real property right
consisting of having the full enjoyment of a building belonging to
another, by means of payment of a fee to be agreed between the
owner and the lessee."
"The lessee exercises all rights attached to the ownership
of the building without under any circumstances diminishing its
value." In particular, "the lessee has the ability to
transfer his/her right, to hypothecate it and to encumber the