Registration of lease
27(1)Every lease of registered land, except a lease for a period not exceeding three years where there is actual occupation of the land under the lease, shall be evidenced by
(a)
the registration of a lease in prescribed form, or
(b)
the registration of a notice of lease in prescribed form.
27(2)Every lease in prescribed form shall be deemed to contain the covenants and conditions prescribed.
27(3)Notwithstanding subsection (2), the parties to a lease may agree to exclude from the lease any of the covenants and conditions prescribed by designating in the appropriate place in the lease the numbers corresponding to the numbers prescribed for those covenants and conditions.
27(4)The parties to a lease may agree to include in the lease covenants and conditions in addition to those prescribed, hereinafter called “optional lease covenants”, by designating in the appropriate place in the lease the numbers that have been assigned by the Registrar General to those optional lease covenants.
27(5)The Registrar General shall, upon the filing with him of an application in the prescribed form, assign a number to an optional lease covenant to which no number has been assigned.
27(6)A lease which has been registered or with respect to which notice of lease has been registered is not valid as against the holder of an encumbrance unless
(a)
the lease or the notice of lease was registered prior to the encumbrance,
(b)
the holder of the encumbrance has consented in writing to the lease prior to the registration of the lease or the notice of lease, or
(c)
the holder of the encumbrance subsequently adopts the lease.
27(7)A right of the lessee to purchase the land or extend or renew the term of the lease may be stipulated in the lease and in such case the words “and option” shall be added immediately following the word “lease” in the heading of the lease or the notice of lease in prescribed form.
1982, c.3, s.41; 1983, c.45, s.9; 2000, c.43, s.5