N.Y. Real Property Law 291-F – Rights where recorded mortgage restricts landlord's action in respect to leases
§ 291-f. Rights where recorded mortgage restricts landlord's action in respect to leases. An agreement, referring to this section, contained in a recorded mortgage of real property, or in a recorded instrument relating to such mortgage, restricting the right or power, as against the holder of the mortgage without his consent, of the owner of the mortgaged real property to cancel, abridge or otherwise modify tenancies, subtenancies, leases or subleases of the mortgaged real property in existence at the time of the agreement, or to accept prepayments of instalments of rent to become due thereunder, shall become binding on a tenant or subtenant after written notice of such agreement, accompanied by a copy of the text thereof; and any such cancellation, abridgement, modification or prepayment made by such tenant or subtenant, after such written notice, without the consent of the holder of such mortgage, shall be voidable as against the holder, at his option. The recording on or after July first, nineteen hundred sixty, of any such mortgage or instrument relating thereto shall for the purposes of this § of the restrictive agreement to any tenant or subtenant who, after such recording, acquires by assignment, whether the assignment is by instrument or by operation of law, a leasehold estate in existence at the time of the restrictive agreement. This section shall not apply (1) to any tenancy, subtenancy, lease or sublease primarily for the residential purposes of the owner of the leasehold estate, or (2) to any tenancy, subtenancy, lease or sublease having at the time of the restrictive agreement an unexpired term of less than five years.
Terms Used In N.Y. Real Property Law 291-F
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: as used in this article , includes lands, tenements and hereditaments and chattels real, except a lease for a term not exceeding three years. See N.Y. Real Property Law 290
- recorded: means the entry, at length, upon the pages of the proper record books in a plain and legible hand writing, or in print or in symbols of drawing or by photographic process or partly in writing, partly in printing, partly in symbols of drawing or partly by photographic process or by any combination of writing, printing, drawing or photography or either or any two of them, or by an electronic process by which a record or instrument affecting real property, after delivery is incorporated into the public record. See N.Y. Real Property Law 290