N.Y. Uniform Commercial Code Law § 2-a-503: Modification or Impairment of Rights and Remedies

Section 2-A-503. Modification or Impairment of Rights and Remedies.

(1) Except as otherwise provided in this Article, the lease agreement

may include rights and remedies for default in addition to or in

substitution for those provided in this Article and may limit or alter

the measure of damages recoverable under this Article.

(2) Resort to a remedy provided under this Article or in the lease

agreement is optional unless the remedy is expressly agreed to be

exclusive. If circumstances cause an exclusive or limited remedy to fail

of its essential purpose, or provision for an exclusive remedy is

unconscionable, remedy may be had as provided in this Article.

(3) Consequential damages may be liquidated under Section 2-A-504, or

may otherwise be limited, altered, or excluded unless the limitation,

alteration, or exclusion is unconscionable. Limitation, alteration, or

exclusion of consequential damages for injury to the person in the case

of consumer goods is prima facie unconscionable but limitation,

alteration, or exclusion of damages where the loss is commercial is not

prima facie unconscionable.

(4) Rights and remedies on default by the lessor or the lessee with

respect to any obligation or promise collateral or ancillary to the

lease contract are not impaired by this Article.