(1)  The term of a registered lease may be extended by a memorandum of extension in an approved form signed by the lessor and lessee and lodged for registration before the expiry of that term.

(2)  Subject to this section, on the registration of a memorandum of extension –

(a) the memorandum shall have the same effect as if it were a memorandum of lease for the extended term subject to the same covenants, conditions, and restrictions, with the necessary modifications, as are contained or implied in the lease;

(b) the estate of the lessee under the extended term of the lease shall be subject to all mortgages, encumbrances, and interests to which the lease is subject at the time of registration of the memorandum of extension; and

(c) all references in any Act or in any agreement, deed, instrument, notice, or other document to the lease or to the estate of the lessee under the lease shall, unless inconsistent with the context of this section, be deemed to be references to the lease as varied by the memorandum of extension or to the estate of the lessee under the extended term of the lease, as the case may be.

(3)  The covenants, conditions, and restrictions contained or implied in a lease may be expressly varied, negatived, or added to by a memorandum of extension.

(4)  Notwithstanding that the term of a lease is not extended, the covenants, conditions, and restrictions contained or implied in a registered lease may be expressly varied, negatived, or added to by a memorandum in an approved form signed by the lessor and the lessee and lodged for registration before the expiry of the term of the lease.

(5)  On the registration of a memorandum of extension of a lease in respect of which a separate folio of the Register has been created, that folio shall have full validity and effect during the extended term.

(6)  If the land affected by a lease is at the time of registration of a memorandum of extension or variation subject to a mortgage or an encumbrance, the memorandum shall not be binding on the mortgagee or encumbrancee unless the mortgagee, or encumbrancee, respectively, has consented to the memorandum of extension or variation in writing on the memorandum.