Sec. 40.17.120. Recording memorandum of lease.

159 words·~1 min read·/ak/title-40/chapter-17/40-17-120

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Recording a memorandum of lease substantially complying with

(b)of this section has the same effect as recording the lease.

(b)A memorandum of lease is a document signed by the lessor and lessee and containing a reference to an unrecorded lease, sublease, or agreement to lease or sublease, and supplying at least the following information:

(1)the names of the parties;

(2)addresses of the parties set out in the lease;

(3)the date of the lease;

(4)a description of the real property leased or subleased;

(5)the commencement and termination dates of the lease if fixed and, if not fixed, the method by which the dates are to be fixed; and

(6)a statement of the conditions upon which a party may exercise a right to extend or renew the lease or to exercise a right to purchase or refuse to purchase the real property or part of it.