28.—(1) In this Act “ground rent” means—
(a)a fee farm rent; or
(b)the rent payable under a lease granted for a term of more than 50 years,
other than a nominal rent.
(2) In subsection (1) “nominal rent” means—
(a)a rent of a yearly amount of less than £1; or
(b)a peppercorn or other rent having no money value.
(3) For the purposes of this Act where a ground rent is payable if demanded (however expressed), it shall be treated as payable even though there is no demand.
(4) Where the amount of a ground rent is subject to alteration in consequence of a breach of covenant (whether it is to be increased from a lower amount to a higher amount in the event of a breach or is subject to reduction from a higher amount to a lower amount so long as there is no breach), for the purposes of this Act the amount of the ground rent is the lower amount.