Pennsylvania Act 1959-86 — PERMITTING THE RECORDING OF LEASES

Act text

PERMITTING THE RECORDING OF LEASES
                  Act of Jun. 2, 1959, P.L. 454, No. 86               Cl. 68
                                  AN ACT

     Permitting the recording of leases, subleases and agreements to
        lease or sublease; permitting the recording of memoranda
        thereof; prescribing the minimum contents of such memoranda;
        prescribing the effect of recording such instruments,
        including provisions thereof for the purchase of or refusal
        on the demised premises; and specifying that the recording of
        such a memorandum shall be a sufficient recording of the full
        lease, sublease, or agreement in connection with the
        assignment or mortgaging of the lessee's interest therein.

        The General Assembly of the Commonwealth of Pennsylvania
     hereby enacts as follows:

        Section 1.  Any lease or sublease or agreement to lease or to
     sublease, acknowledged according to law by the lessor; may but
     need not, unless otherwise required by law, be recorded in the
     office for the recording of deeds in the county or counties
     wherein are situate the premises thereby leased or to be leased.
        Section 2.  In lieu of the recording of such a lease,
     sublease or agreement, there may be recorded in such office a
     memorandum thereof, executed by all persons who are parties to
     said lease, sublease or agreement and acknowledged according to
     law by the lessor, containing at least the following information
     with respect to such lease, sublease or agreement:
        (1)  The name of the lessor in such lease, sublease or
     agreement;
        (2)  The name of the lessee therein;
        (3)  The addresses, if any, set forth therein as addresses of
     such parties;
        (4)  A reference to the date thereof;
        (5)  The description of the demised premises in the form set
     forth therein;
        (6)  The date of commencement of the term of the lease, if a
     fixed date, and if not the full provision or provisions thereof
     pursuant to which such date of commencement is to be fixed;
        (7)  The term of the lease;
        (8)  If the lessee has a right of extension or renewal, the
     date of expiration of the final period for which such right is
     given;
        (9)  If the lessee has a right of purchase of or refusal on
     the demised premises or any part thereof, a statement of the
     term during which said right is exercisable.
        Section 3.  Any such lease, sublease, agreement or
     memorandum, so recorded, shall be indexed by the recording
     officer in the grantor index against the lessor therein named
     and in the grantee index against the lessee therein named.
        Section 4.  The recording of any such lease, sublease,
     agreement or memorandum in accordance with the provisions of
     this act shall constitute constructive notice to subsequent
     purchasers, mortgagees and judgment creditors of the lessor of
     the making and of the provisions of such lease, sublease or
     agreement, including any purchase or refusal provisions set
     forth in the lease, sublease or agreement.
        Section 5.  This act shall not be construed as derogating
     from any actual or constructive notice which would be effective
     under existing law of the making or of the provisions of any
     present or future lease, sublease or agreement.
        Section 6.  The recording of any such memorandum shall
     constitute full compliance with the provisions of any act now or
     hereafter requiring or permitting the recording of leases,
     subleases or agreements to lease or to sublease in connection
     with the mortgaging or assignment thereof.
        Section 7.  The provisions of this act shall apply to all
     such instruments recorded after the effective date hereof.