§ 47-118. Forms of registration of lease. - North Carolina Statutes

§47‑118.  Forms of registration of lease.

(a)        A lease of land orland and personal property may be registered by registering a memorandumthereof which shall set forth:

(1)        The names of theparties thereto;

(2)        A description of theproperty leased;

(3)        The term of thelease, including extensions, renewals and options to purchase, if any; and

(4)        Reference sufficientto identify the complete agreement between the parties.

Such a memorandum may be insubstantially the following form:

MEMORANDUM OF LEASE

______________________________________________________________________________

(Name and address or description of lessor or lessors)

hereby lease(s) to ________________________________________________________________ ,

                                                (Nameand address or description of lessee or lessees)

for a term beginning the____________ day of ____________________________, _____

                                                                                                (Month)                                    (Year)

and continuing for a maximumperiod of ___________, including extensions and renewals, if any, the followingproperty:

(Here describe the property)

(If applicable: [There existsan option to purchase with respect to this leased property, in favor of thelessee which expires the ____ day of ________________, _______, which

                                                                                                   (Month)                  (Year)

is setforth at large in the complete agreement between the parties].)

The provisions set forth in awritten lease agreement between the parties dated the _____ day of_______________, ______, are hereby incorporated in this memorandum.

                     (Month)               (Year)

                                                                        ____________________________________    [Seal]

                                                                                                      (Lessor)

                                                                        ____________________________________    [Seal]

                                                                                                      (Lessee)

(Acknowledgment as required bylaw.)

(b)        If the provisionsof the lease make it impossible or impractical to state the maximum period ofthe lease because of conditions, renewals and extensions, or otherwise, thenthe memorandum of lease shall state in detail all provisions concerning theterm of the lease as fully as set forth in the written lease agreement betweenthe parties.

(c)        Registration of amemorandum of lease pursuant to subsections (a) and (b) of this section, shallhave the same legal effect as if the written lease agreement had beenregistered in its entirety. (1961, c. 1174; 1999‑456,s. 59.)