A commercial lease is exempt from the rule against perpetuities, but still subject to Civ. Code 718 which provides that no lease for longer than 99 years is valid. This decision holds that a lease with a longer term is valid for 99 years but void insofar as it purports to extend the lease term beyond 99 years. Possible exceptions to voidness don’t apply because the 99-year limit serves a public purpose in promoting free alienability of real property. Because the over 99 year portion of the lease term is void, defenses of waiver, estoppel and the like are ineffective to prolong the lease. However, the trial court did not abuse its discretion in awarding the tenant equitable restitution of a portion of the price paid for the more than 99 year lease term, calculated on a pro rata basis. Although Civ. Code 3287 doesn’t apply to restitution, the trial court had equitable discretion to award prejudgment interest on the restitution award.