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In this video, Benjamin discusses a land lease, also known as a ground lease, which is a long-term lease of the land only, separating ownership of the land from the building and improvements on it. The agreement is between the landowner and someone who wants to use the land, whether an individual, corporation, or business for construction or development. Land leases can vary in duration, typically lasting 50 to 99 years, with different zoning types available such as agricultural and commercial leases. The video mainly focuses on the concept and applications of land leases.