Creation of heritable building rights

(1) The AIF capital management company may encumber a property with a heritable building right only under the conditions determined in the investment conditions.
(2) Before the creation of the heritable building right, the appropriateness of the ground rent must be confirmed correspondingly to section 231(2).
(3) Within two months of the creation of the heritable building right, the value of the property must be newly determined correspondingly to section 231(2).
(4) A heritable building right may not be created where the value of the property on which the heritable building right is to be created, together with the value of the properties on which heritable building rights have already been created, exceeds 10 percent of the value of the real estate collective investment fund.
(5) The extension of a heritable building right is regarded as a new creation.