494. Estate rentcharges.

An estate rentcharge is a rentcharge created for the purposes either:

  1.  

    (1)     of making covenants to be performed by the owner of the land affected by the rentcharge enforceable by the owner of the rent against the owner for the time being of the land; or

  2.  

    (2)     of meeting, or contributing towards, the costs of performance by the owner of the rent of covenants for the provision of services, the carrying out of maintenance or repairs, the effecting of insurance or the making of any payment by him for the benefit of the land affected by the rentcharge or