MS SB2856

Allows residential leaseholders to renew leases for a new 60-year term after 15 years by providing notice to the Pat Harrison Waterway District.

Sets renewal rent for fixed-rate leases by calculating what rent would be if the original lease had escalated at 10% every five years, then continues 10% escalation during the renewed term.

For escalating-rate leases, rent continues to escalate at 10% every five years during the renewed 60-year term.

Grants non-residential leaseholders the exclusive right to renew leases at fair market rental value prior to lease expiration, with fair market value determined by appraisals obtained by the district or by agreement between district and lessee appraisals.

Requires the district to provide 30 days' written notice before terminating a lease for default, and mortgage holders receive an additional 30 days to cure the default before termination; effective July 1, 2014.