N.Y. Priv. Hous. Fin. Law § 554

Current through 2024 NY Law Chapter 457

Section 554 - Provisions of lease

1. Every lease of a project or a part thereof to a housing company:

(a) shall provide that all improvements shall be the property of the lessor;

(b) may require that provision be made for the retirement and surrender of all outstanding shares and debentures upon the termination of the lease;

(c) may reserve such easements or other rights in connection with the property as may be deemed necessary or desirable for the future planning and development of the municipality and the extension of public facilities therein;

(d) shall contain a provision authorizing the lessor to designate a director of the housing company; and

(e) may contain such other provisions as are not inconsistent with the provisions of this chapter.

2. Such lease shall not impose upon the lessor any liability or obligations in connection with or arising out of the financing, construction, reconstruction, alteration, management or operation of a project, but such lease shall contain such provisions as may be necessary to protect the interests of the authority or municipality.

N.Y. Priv. Hous. Fin. Law § 554