N.Y. Private Housing Finance Law § 554: Provisions of lease

§ 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.