§ 291-F — Rights where recorded mortgage restricts landlord's action in respect to leases

New York § 291-F

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

Text

§ 291-f. Rights where recorded mortgage restricts landlord's action in\nrespect to leases. An agreement, referring to this section, contained\nin a recorded mortgage of real property, or in a recorded instrument\nrelating to such mortgage, restricting the right or power, as against\nthe holder of the mortgage without his consent, of the owner of the\nmortgaged real property to cancel, abridge or otherwise modify\ntenancies, subtenancies, leases or subleases of the mortgaged real\nproperty in existence at the time of the agreement, or to accept\nprepayments of instalments of rent to become due thereunder, shall\nbecome binding on a tenant or subtenant after written notice of such\nagreement, accompanied by a copy of the text thereof; and any such\ncancellation, abridgement, modification or prepayment made by such\ntenant or subtenant, after such written notice, without the consent of\nthe holder of such mortgage, shall be voidable as against the holder, at\nhis option. The recording on or after July first, nineteen hundred\nsixty, of any such mortgage or instrument relating thereto shall for the\npurposes of this section be in itself a sufficient notice of the\nrestrictive agreement to any tenant or subtenant who, after such\nrecording, acquires by assignment, whether the assignment is by\ninstrument or by operation of law, a leasehold estate in existence at\nthe time of the restrictive agreement. This section shall not apply (1)\nto any tenancy, subtenancy, lease or sublease primarily for the\nresidential purposes of the owner of the leasehold estate, or (2) to any\ntenancy, subtenancy, lease or sublease having at the time of the\nrestrictive agreement an unexpired term of less than five years.\n