Many lakefront properties in our area are on leased land, not owned land. This means that in addition to your mortgage, etc, there is a yearly lease fee for the property. In this case, the lease entered into at the time of purchase would be for 20 years, and then based on the current status of the lease can be renewed under specific terms. I have posted a link below to both a draft of the lease, and for more information on the property (when you click on the property link there is a paperclip icon at the top that will allow you access to a copy of the draft lease along with other documents for this property). If you have any other questions please feel free to ask.
RE/MAX North Professionals