N.Y. Railroad Law § 173-f: Every terminable permit, and every amendment to any existing license, grant, franchise, permit or consent incorporating therein the terms...

§ 173-f. Every terminable permit, and every amendment to any existing

license, grant, franchise, permit or consent incorporating therein the

terms of a terminable permit, shall contain an irrevocable option for

the purchase by the city, town or village, either directly or through

its nominee or nominees, of all or any part of the property, plant and

equipment of the street surface railroad at any time, at a price agreed

upon or to be ascertained and determined in a manner agreed upon at the

time of the granting of the permit or amendment and to be set forth

therein. Any such permit or amendment may contain provisions for

amortizing out of earnings or in accordance with an amortization

schedule or schedules to be set forth therein, over a period not

exceeding fifty years, the price to be paid for all or such part of the

property, plant and equipment of the street surface railroad and for any

additions thereto or betterments or improvements thereof, so that upon

the exercise of the option the city, town or village, or its nominee or

nominees, shall be required to pay only the unamortized portion of such

price, and may contain any other terms, agreements, stipulations and

conditions as may be authorized by any statute of the state, or as the

city, town or village may deem proper and in the public interest, and

may provide for the termination thereof for any legal cause.