Right of purchase or covenant to purchase may be inserted
83 Right of purchase or covenant to purchase may be inserted
In any lease other than a lease from the Commonwealth a right to purchase the fee simple of the land thereby demised may be granted to the lessee, or a covenant to purchase the fee simple of the land may be entered into by the lessee.
The true amount of the purchase money to be paid, the period within which the right may be exercised or within which the covenant is to be performed, and any other particulars necessary to explain the terms of the right or covenant, shall be stated in the lease.
If the lessee pays the purchase money stipulated and otherwise observes his or her covenants expressed and implied in a registered lease, the lessor shall execute a transfer to the lessee of the fee simple, and perform all acts required by this Act to be done for the purpose of transferring the fee simple of the land.
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