§171-73 Term, rent, and other conditions of residential leases. Residential leases made by the board of land and natural resources may be for an initial term of fifty-five years with the privilege of extension to meet Federal Housing Administration requirements, provided the aggregate of the initial terms and extension shall in no event exceed seventy-five years. It may contain such terms and conditions as the board may in its discretion determine, except that the following shall in any event be complied with in each residential lease: