§ 5 — Options; preemptive rights; leases; easements; validity

Section 5. (a) An option in gross with respect to an interest in land or minerals or a preemptive right in the nature of a right of first refusal in gross with respect to an interest in land or minerals becomes invalid if it is not exercised within thirty years after its creation.(b) A lease to commence at a time certain or upon the happening of a future event becomes invalid if its term does not actually commence in possession within thirty years after its execution.(c) A nonvested easement in gross becomes invalid if it does not vest within thirty years after its creation.(d) Any option in gross with respect to an interest in land or minerals, or a preemptive right in the nature of a right of first refusal in gross with respect to an interest in land or minerals, or a lease, or a nonvested easement in gross which option in gross, preemptive right in the nature of a right of first refusal in gross, lease, or nonvested easement in gross held by a government or government agency or subdivision or by a public instrumentality or public authority or by a quasi-public entity, or by an instrumentality created pursuant to chapter forty F becomes invalid if it is not exercised or becomes vested within fifty years after its creation.