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.  

    (1)     be granted for a premium;

  2.  

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

  3.  

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

    1.  

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