As used in this chapter, unless the context otherwise requires:
(1) “Obligee” means any person or entity to whom a residential ground rent is owed, including its successors and assigns;
(2) “Obligor” means one (1) or more individuals who are obligated to pay a residential ground rent, including their successors, sublessees or assigns;
(3) “Residential ground rent” means a rent or charge paid for the use of land, whether or not title thereto is transferred to the user, or a lease of land, for residential purposes: Which is assignable by the obligor without the obligee's consent;
(4) Which is for a term in excess of fifteen (15) years, including any rights of renewal at the option of the obligor;
(5) Where the obligor has a present or future right to terminate such ground rent and to acquire the entire interest of the obligee in the land by the payment of a determined or determinable amount; and
(6) Where the obligee's interest in the land is primarily a security interest to protect the obligee's right to be paid the rent or charge; and
(7) “Residential purposes” means any use of land wherein the owner and/or the occupant thereof resides, including, but not limited to, the following uses: apartments, multi-family, single-family, duplexes and condominiums.