Act 16 Land Act 1998 ( c) enables the holder, subject to the customary and statutory rights of those persons lawful or bona fide in occupation of the land at the time that the tenure was created and their.successors in title, to exercise all the powers of ownership of the owner of land held of a freehold title set out in subsections (2) and (3) and subject to the same possibility of conditions, restrictions and limitations, positive or negative in their application as are referred to in those subsections. (5) Leasehold tenure is a form ot tenure( a) created either by contract or by operation of law; (b) the terms and conditions of which may be regulated by law to the exclusion of any contractual agreement reached between the parties; ( c) under which one person namely, the landlord or lessor, grants or is deemed to have granted another person namely the tenant or lessee exclusive possession of land usually but not necessarily for a period defined, directly or indirectly, by reference to a specific date of commencement and a specific date of ending; ( d) usually but not necessarily, in return for a rent which may be for a capital sum known as a premium or for both a rent and a premium but may be in return for services or may be free of any required return; ( e) under which both the landlord and the tenant, may, subject to the terms and conditions of the lease and having due regard for the interests of the other party, exercise such of the powers of a freehold owner as are appropriate and possible given-the-specific-nature-of-a-leasehold tenure. 11