111. Operation of invalid lease as an agreement.

A lease for a term exceeding three years or at a rent less than the best rent that can be reasonably obtained without a fine1, if created otherwise than by deed, is construed as an agreement for a lease2; and specific performance of the agreement will be ordered, provided that it satisfies the formal requirements relating to the making of contracts for the sale or other disposition of an interest in land3, and that it is in other respects capable of this remedy4. The right to specific performance is sufficient to give the parties respectively rights equivalent to the