[§516-73]  Suggested form of
standardized summary of lease provisions.  A standardized summary of lease
provisions executed pursuant to section 516-71 of this chapter may, but need
not, be substantially in the following form:



 



STANDARDIZED
SUMMARY OF LEASE PROVISIONS



 



This receipt dated _______________, between________________



________________________________________ (the
"buyer"), and



________________________________________ (the
"seller"),



tax map key no. ( ) / / / (the
"property").



Lessor: 
_______________________________________________________



Sublessor: 
____________________________________________________



Lease Expiration:  ____________ Surrender Clause: 
(yes or none)



Lease Rent:  $__________ per __________ until
__________



$__________ per __________ until
__________



$__________ per __________ until
__________



Renegotiation Dates: 
__________________________________________



Renegotiation Terms: 
__________________________________________



________________________________________________________________



I understand the information above is a summary
of the terms of the lease and that for more detailed information I should read
the lease.



I understand that the subject property is
leasehold property and I will acquire the right to occupy and use the leased
real property for the time stated in the lease agreement.  I will not acquire
outright or absolute ownership of the land or fee simple ownership.  The land
is owned by lessor or the leased fee owner, to whom I, the lessee, will agree
to make lease rent payments and comply with the terms of the lease or be
subject to the lessor's enforcement actions.  The lease rent payments are
usually fixed for specific amounts at fixed periods of time, then subject to renegotiation. 
Renegotiation may be based on formula or arbitration set in the lease agreement
or by law or by agreement between the lessor and lessee.  THE RENEGOTIATED
LEASE RENTS MAY INCREASE SIGNIFICANTLY.  AT THE END OF THE LEASE, I MAY HAVE TO
SURRENDER THE PROPERTY (SURRENDER CLAUSE) AND THE LAND BACK TO THE LESSOR
WITHOUT ANY COMPENSATION.



I understand when leasehold property is
acquired, title is normally conveyed by means of an assignment of lease, whose
purpose is similar to that of a deed.  The legal and practical effect is
different because the assignment conveys only the rights and obligations
created by the lease to the property, not the property itself.



I UNDERSTAND THAT IF I HAVE ANY LEGAL QUESTIONS
ABOUT LEASEHOLD PROPERTY, ABOUT THE LEASE DOCUMENTS, ABOUT THE TERMS OF THE
LEASE, AND ITS CONSEQUENCES, I SHOULD SEEK THE ADVICE OF AN ATTORNEY.



[ 
] I HAVE READ AND UNDERSTAND THE PROVISIONS OF THE LEASE DOCUMENTS RECEIVED,
AND ACCEPT THE TERMS OF THE LEASE.



[ 
] I DO NOT ACCEPT THE TERMS OF THE LEASE AND CANCEL THE ACCEPTANCE CONTRACT
(DROA).



 



______________________________ _______________________________



Buyer's signature Buyer's
signature



Date: ________________, ____AM/PM



 



[L 1991, c 276, §5]



 



Revision Note



 



  Reference to "19______" referred to in date lines
omitted as obsolete.