(1)A lease under this Act may be surrendered and determined, as well by operation of law or under any Act now or hereafter to be in force elating to bankrupts and their estates, as by the word "Surrendered" with the fate being endorsed upon the lease or on the duplicate of the lease, if any, and signed by the lessee or his or her transferee and by the lessor or his or her transferee and attested by a witness.

(2)The Registrar shall enter in the Register Book a memorandum recording the date of such surrender, and shall likewise endorse upon the duplicate, if any, a memorandum recording the fact of the entry having been made.

(3)Upon such entry in the Register Book, the estate and interest of the lessee or his or her transferee shall vest in the lessor or in the proprietor for the time being of the reversion and inheritance in the land immediately expectant on the term; and production of such lease or duplicate, if any, bearing the endorsement and memorandum shall be sufficient evidence that the lease has been legally surrendered.

(4)Notwithstanding any other provision of this section, no lease subject to a mortgage shall be surrendered under this section without the consent in writing of the proprietor of that lease.