503. Long residential leases; no forfeiture for failure to pay prescribed amount.

A landlord1 under a long lease2 of a dwelling3 may not exercise a right of re-entry or forfeiture for failure by a tenant4 to pay an amount consisting of rent, service charges5 or administration charges6 or a combination of them ('the unpaid amount')7, unless the unpaid amount:

  1.  

    (1)     exceeds the prescribed sum