§ 291-C — Recording memoranda of leases

New York § 291-C

• Jurisdiction: New York
• Law RPP: Real Property
• Art. 9: Recording Instruments Affecting Real Property

Text

§ 291-c. Recording memoranda of leases. In lieu of the recording of a\nlease for a term exceeding three years, pursuant to section two hundred\nninety-one of this chapter, there may be recorded with like effect a\nmemorandum of such lease, executed by all persons who are parties to the\nlease, and acknowledged or proved, and certified, in the manner to\nentitle a conveyance to be recorded. A memorandum of lease thus entitled\nto be recorded shall contain at least the following information with\nrespect to the lease: the name of the lessor and the name of the lessee\nand the addresses, if any, set forth in the lease as addresses of such\nparties; a reference to the lease, with its date of execution; a\ndescription of the leased premises in the form contained in the lease;\nthe term of the lease, with the date of commencement and the date of\ntermination of such term, and if there is a right of extension or\nrenewal, the maximum period for which or date to which the lease may be\nextended or the number of times or date to which it may be renewed, and\nthe date or dates on which such rights of extension or renewal are\nexercisable.\n Whenever a memorandum of lease is presented for recording, the lease\nshall also be submitted to the recording officer for the purpose of\nexamination to determine whether or not such memorandum of lease is\nsubject to the tax on mortgages provided by article eleven of the tax\nlaw.\n