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
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