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44. Requirements for lease to be registered

In order to be registered, a lease shall include a description sufficient to identify each lot or part lot to be leased, the lessor, the lessee, the term (including any renewals), the commencement date, and any applicable option to renew, purchase, or expand, such as rights of first offer or refusal. A memorandum of lease may be registered in lieu of a complete lease provided that it includes all of the elements listed in the previous sentence. Any lease or memorandum thereof which includes such elements shall be deemed to be an approved form of lease for purposes of the registration thereof.