A lease is a contract for the possession and profits of land on the one side, and a recompense of rent on the other. The estate or interest conveyed by a lease is personal in its nature, whatever may be the duration of the term, and falling below the character and dignity of a freehold, it is usually regarded as a chattel interest.

Where a lease is found upon the records which has expired by its own limitation it may be passed without notice. It can in no way affect the title; is not a charge or incumbrance, nor is it even a cloud. Hence, it may with propriety be disregarded unless followed by a subsequent renewal. When for a short or almost expired term it may be shown briefly, as it is a charge upon the fee, but when for a long term of years it should be shown fully and succinctly. When for ninety-nine years or longer, it has much of the dignity and many of the attributes of a conveyance of the fee and requires corresponding treatment. When shown fully the examiner should observe the names of the parties as in case of deeds; the dates; the description; the term; the rent reserved; the general and special covenants; the conditions and restrictions, and the special agreements, if any. The execution and authentication should comply with the statute.

77 Warren vs. Richmond, 53 111., 54; Warder vs. Cornell, 105 III.,169.

Whenever a lease is of sufficient importance to show in extenso the entire instrument should be carefully perused by the examiner and the covenants and conditions critically observed. The aid of an experienced conveyancer is frequently dispensed with in preparing instruments of this character; printed forms are generally employed, and, when they are not attainable, copies are made from books of forms and old instruments. In this way covenants are created without being well understood, and which frequently astonish the parties to be bound when occasion arises which calls for the performance of them.

The covenants of leases are usually protected by a condition avoiding the estate and working forfeiture in case of breach, and-this condition, which is of the essence of the lease, must always be noticed at such length as its importance seems to demand.

It is not uncommon for the landlord to give the tenant, by an agreement in his lease, an option to purchase the demised premises, and whenever such agreements are inserted they should be displayed in the abstract.