N.Y. Education Law § 5706: Restrictions on alienation of property

§ 5706. Restrictions on alienation of property. That portion of said

university grounds, which was the original gift of about two hundred

acres of land made by Ezra Cornell and at that time located in the town

of Ithaca in the county of Tompkins, shall not be encumbered, aliened or

otherwise disposed of by the said trustees, or by any other person,

except on terms such as the legislature of the state of New York shall

have approved, and any act of the said trustees, or that of any other

person which shall have that effect, shall be void; except, that Cornell

University is hereby authorized to mortgage, or convey such part of the

aforesaid lands of said university as it may deem necessary to enable it

to obtain needed loans, advances, or financing for the construction of a

housing unit including all necessary and usual attendant and related

facilities and equipment erected for the use of students, an academic

building, library, laboratory, classroom or other building or structure

essential, necessary or useful for instruction in the academic program

upon the following terms:

(1) Such loans, advances or financing shall be obtained from or

through the dormitory authority of the state of New York, or from or

through the housing and home finance agency or from such other New York

state or federal agency or agencies as are now, or as may be, engaged in

constructing or financing the construction, acquisition, alteration, or

improvement of such educational or attendant facilities above described.

Such construction may be conducted by the said university or by the

governmental agency involved in such financing as may be agreed upon.

(2) Any conveyance of the title of any part of the aforesaid lands

shall provide that the title to said lands shall revert to Cornell

University upon payment of the principal and interest of such loan,

advance, or financing secured by said conveyance and the satisfaction of

all its obligations thereunder, and upon such payment and satisfaction

the said lands, so conveyed shall revert to and again become the

property of the university with such title as it had before such

conveyance.