What must the lease include if it contains an option to renew?

§ 162.541 What must the lease include if it contains an option to renew? (a) If the lease provides for an option to renew, the lease must specify: (1) The time and manner in which the option must be exercised or is automatically effective; (2) That confirmation of the renewal will be submitted to us, unless the lease provides for automatic renewal; (3) Whether Indian landowner consent to the renewal is required; (4) That the lessee must provide notice of the renewal to the Indian landowners and any sureties and mortgagees; (5) The additional consideration, if any, that will be due upon the exercise of the option to renew or the start of the renewal term; and (6) Any other conditions for renewal (e.g., that the lessee not be in violation of the lease at the time of renewal). (b) We will record any renewal of a lease in the LTRO.