95 Leases Requirements of lease
intended to be leased or demised for a life or lives, or for a term of
more than 3 years, the owner shall execute a lease, in the
prescribed form.
(2) A lease made pursuant to subsection (1) shall give a
description of the leased land that is sufficient to identify the land.
(3) A right for the lessee to purchase the land described in the
instrument may be stipulated in the instrument, and if the lessee
pays the purchase money stipulated, and otherwise observes the
lessee's covenants expressed and implied in the instrument, the
lessor is bound to execute a transfer to the lessee of the land, and to
perform all necessary acts by this Act prescribed for the purpose of
transferring the land to the purchaser.
(4) No such lease of mortgaged or encumbered land is valid and
binding against the mortgagee or encumbrancee unless the
mortgagee or encumbrancee has consented to the lease prior to its
being registered, or subsequently adopts it.
RSA 1980 cL-5 s98;1988 c27 s37