(1)  The lessee may surrender a registered lease by a memorandum of surrender in an approved form accepted by the lessor.

(2)  When a memorandum of surrender of lease has been registered under this Act, the estate or interest of the lessee in that land ceases.

(3)  A lease subject to mortgage or encumbrance shall not be surrendered in accordance with this section without the consent of the mortgagee or encumbrancee.