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 section be in itself a sufficient notice 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.