(a) Recording a memorandum of lease substantially complying with (b) of this section has the same effect as recording the lease.
Terms Used In Alaska Statutes 40.17.120
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) A memorandum of lease is a document signed by the lessor and lessee and containing a reference to an unrecorded lease, sublease, or agreement to lease or sublease, and supplying at least the following information:
(1) the names of the parties;(2) addresses of the parties set out in the lease;(3) the date of the lease;(4) a description of the real property leased or subleased;(5) the commencement and termination dates of the lease if fixed and, if not fixed, the method by which the dates are to be fixed; and(6) a statement of the conditions upon which a party may exercise a right to extend or renew the lease or to exercise a right to purchase or refuse to purchase the real property or part of it.
