69. Agreements for leases; tenancy agreements.

An instrument which only binds one party to create, and the other to accept, a lease in the future is an agreement for a lease1. Moreover, an instrument is construed as an agreement for a lease and not as a lease, notwithstanding that it contains words of present demise, if the provisions to be inserted in the lease are not finally ascertained2; or if from other indications it appears that it was not intended to take effect as a lease3, as, for example:

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    (1)     where it is expressly provided that it is not to operate as a lease4; or