a. A leasehold is always a wasting asset. Expand upon this statement and the implications for the value of leasehold investments. (11 marks) b. Ground leases are commonly used for major urban developments Discuss why this might be the case and, in so doing, discuss the normal terms one might expect in such a lease and the advantages and disadvantages of them from the lessee perspective. (11 marks) c. The rent review is the most important term in a commercial lease Discuss. (11 marks)