A tenant for life1 may lease the settled land or any part of it2, or any easement, right or privilege of any kind over or in relation to the land, for any purpose whatever, whether involving waste or not, for any term not exceeding:
(1) in the case of a building lease3, 999 years;
(2) in the case of a mining lease4, 100 years;
(3) in the case of a forestry lease5, 999 years; and
(4) in the case of any other lease, 50 years6.
Every lease must7:
(a) be by deed, and must be made to take effect in
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