sectional mortgage bond
means a mortgage bond hypothecating—
| a) | a unit or an exclusive use area, land or an undivided share in such unit, area or land held under a separate sectional title deed; or |
| b) | a registered lease or sub-lease of any such unit, exclusive use area or land or an undivided share in such unit, area or land which when it was entered into, was for a period of not less than 10 years or for the natural life of the lessee or any other person mentioned in the lease, or which is renewable from time to time at the will of the lessee indefinitely or for periods which together with the first period amount in all to not less than 10 years; or |
| c) | any other registered real right in or over any such unit or undivided share in a unit or common property or the rights referred to in sections 25 and 27 of the Sectional Titles Act; |