120. Usual contents of a lease.

The usual contents of a lease by deed are1:

  1.  

    (1)     the date;

  2.  

    (2)     the parties' names and descriptions;

  3.  

    (3)     the consideration;

  4.  

    (4)     the operative words;

  5.  

    (5)     the parcels or description of the property demised2;

  6.  

    (6)     the exceptions and reservations;

  7.  

    (7)     the habendum (that is to say, the commencement and duration of the term)3;

  8.  

    (8)     the reddendum (that is say, the amount of rent, and the person to whom, the time at which and the manner in which it is to be paid)