87CExtension or variation of lease

87C Extension or variation of lease (1) The registrar-general may, in respect of a lease, other than a Crown lease, register a memorandum of variation that— (a) varies the term of the lease; or (b) varies, revokes or supplements a covenant, condition or restriction contained or implied in the lease. (2) A memorandum of variation shall— (a) be signed by the lessor and lessee; and (b) be registered in the same manner as the current lease; and (c) be registered before the expiry of the term of the current lease. (3) On registration, a memorandum of variation shall— (a) have the same effect as if it were a registered memorandum of lease— (i) for the varied term; or (ii) containing the covenants, conditions or restrictions as varied; and (b) be deemed to be subject to all interests (except interests to have effect as varied by the memorandum of variation) to which the lease was subject at the time of registration of that memorandum. (4) For this section, a reference in any Territory law or in any instrument or other document to a lease or to the interest of a lessee includes a reference to the lease or the interest as affected by any memorandum of variation. (5) If a person has a registered interest in land, as mortgagee or otherwise, at the time of registration of a memorandum of variation affecting that land, the person is not bound by the memorandum unless the person has consented, in writing, to be so bound.