Section 162.312 - 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 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.