①Even if the land leasehold right is not registered, when the land leasehold right holder owns registered buildings on the land, the land leasehold right may be asserted against a third party.

②In the case referred to in the preceding paragraph, even if a building has been destroyed, when the land leasehold right holder posts a notice of the necessary matters to identify the building, the day the building was lost, and the intent to construct a new building, in a clearly visible location on the land, the land leasehold right is effective as referred to in that paragraph; provided, however, that if two years have passed since the day the building was destroyed, this is limited to the case in which the building was newly constructed and registered before the notice was posted.