A term, at a rent or granted in consideration of a fine, limited to take effect more than 21 years from the date of the instrument purporting to create it1 is void, as is any contract to create such a term, except when the term takes effect in equity under a settlement or is created out of an equitable interest under a settlement, or under an equitable power for mortgage, indemnity or other like purposes2. This does not, however, invalidate a contract to grant, at a date more than 21 years after the date of the contract, a lease
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