18. Commonhold units.

It is not possible to create a term of years absolute1 in a residential commonhold unit2 unless the term satisfies prescribed3 conditions4. The conditions may relate to length5, to the circumstances in which the term is granted6, or to any other matter7. Accordingly, a term of years absolute in a residential commonhold unit or part only of a residential commonhold unit must not:


    (1)     be granted for a premium;


    (2)     be granted for a term longer than seven years8;


    (3)     be granted under an option or agreement if:


      (a)     the person to take the new term of years absolute