N.Y. Private Housing Finance Law § 220: Provisions of lease

§ 220. Provisions of lease. If real property of a city be leased to a

redevelopment corporation:

1. The lease may provide that all improvements shall be the property

of the lessor;

2. The lessor may grant to the redevelopment corporation the right to

mortgage the fee of such property and thus enable the redevelopment

corporation to give as security for its notes or bonds a first lien upon

the land and improvements;

3. The execution of a lease shall not impose upon the lessor any

liability or obligation in connection with or arising out of the

financing, construction, management or operation of a development

involving the land so leased. The lessor shall not, by executing such

lease, incur any obligation or liability with respect to such leased

premises other than may devolve upon the lessor with respect to premises

not owned by it. The lessor, by consenting to the execution by a

redevelopment corporation of a mortgage upon the leased land, shall not

thereby assume, and such consent shall not be construed as imposing upon

the lessor, any liability upon the note or bond secured by the mortgage;

4. The lease may reserve such easements or other rights in connection

with the real property as may be deemed necessary or desirable for the

future planning and development of the city and the extension of public

facilities therein (including the construction of subways and conduits,

the widening and change of grade of streets); and it may contain such

other provisions for the protection of the parties as are not

inconsistent with the provisions of this article.