§ 220 — Provisions of lease

New York § 220

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 6: Urban Redevelopment Corporations

Text

§ 220. Provisions of lease. If real property of a city be leased to a\nredevelopment corporation:\n 1. The lease may provide that all improvements shall be the property\nof the lessor;\n 2. The lessor may grant to the redevelopment corporation the right to\nmortgage the fee of such property and thus enable the redevelopment\ncorporation to give as security for its notes or bonds a first lien upon\nthe land and improvements;\n 3. The execution of a lease shall not impose upon the lessor any\nliability or obligation in connection with or arising out of the\nfinancing, construction, management or operation of a development\ninvolving the land so leased. The lessor shall not, by executing such\nlease, incur any obligation or liability with respect to such leased\npremises other than may devolve upon the lessor with respect to premises\nnot owned by it. The lessor, by consenting to the execution by a\nredevelopment corporation of a mortgage upon the leased land, shall not\nthereby assume, and such consent shall not be construed as imposing upon\nthe lessor, any liability upon the note or bond secured by the mortgage;\n 4. The lease may reserve such easements or other rights in connection\nwith the real property as may be deemed necessary or desirable for the\nfuture planning and development of the city and the extension of public\nfacilities therein (including the construction of subways and conduits,\nthe widening and change of grade of streets); and it may contain such\nother provisions for the protection of the parties as are not\ninconsistent with the provisions of this article.\n