senate Bill S5245A

2013-2014 Legislative Session

Relates to ground leases

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Archive: Last Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to judiciary
Jun 11, 2013 print number 5245a
amend and recommit to judiciary
May 15, 2013 referred to judiciary

S5245 - Details

See Assembly Version of this Bill:
A7269A
Current Committee:
Law Section:
Real Property Law
Laws Affected:
Add §220-a, RP L

S5245 - Summary

Relates to ground leases.

S5245 - Sponsor Memo

S5245 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5245

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 15, 2013
                               ___________

Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Judiciary

AN ACT to amend the real property law, in relation to ground leases

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The  real property law is amended by adding a new section
220-a to read as follows:
  S 220-A. GROUND LEASES. 1.  DEFINITIONS.  FOR  THE  PURPOSES  OF  THIS
SECTION A "GROUND LEASE" SHALL BE DEFINED AS A RENTAL AGREEMENT THAT:
  (A) HAS A TERM OF AT LEAST TEN YEARS;
  (B)  IS FOR THE USE OF REAL PROPERTY, WHICH MAY OR MAY NOT INCLUDE ANY
IMPROVEMENTS OR STRUCTURES; AND
  (C) ALLOWS A TENANT TO CONSTRUCT OR SUBSTANTIALLY  IMPROVE,  RENOVATE,
OR REHABILITATE STRUCTURES OR IMPROVEMENTS UPON SUCH REAL PROPERTY.
  2.  REFINANCING.  (A)  IF  ANY  GROUND  LEASE DOES NOT CONTAIN EXPRESS
PROVISIONS PROHIBITING A LESSEE  FROM  ENCUMBERING  ITS  INTEREST  IN  A
GROUND  LEASE,  A  LESSEE  MAY  ENCUMBER  UP TO AND INCLUDING ITS ENTIRE
INTEREST IN SUCH GROUND LEASE. IF SUCH GROUND LEASE CONTAINS  PROVISIONS
RESTRICTING  THE  LESSEE'S  ABILITY TO ENCUMBER ITS INTEREST, THE LESSEE
MUST OBTAIN THE LESSOR'S WRITTEN PERMISSION PRIOR TO SUCH ENCUMBRANCE.
  (B) IF THE LESSEE IS REQUIRED TO OBTAIN  THE  LESSOR'S  PERMISSION  TO
ENCUMBER THE LESSEE'S INTEREST, THE LESSOR MAY ONLY REFUSE TO GRANT SUCH
PERMISSION FOR REASONABLE CAUSE AND MUST PROVIDE THE LESSEE WITH A WRIT-
TEN  STATEMENT  THAT SETS FORTH THE BASIS FOR THE REFUSAL WITHIN FIFTEEN
DAYS OF A WRITTEN REQUEST FOR PERMISSION FROM THE LESSEE.
  (C) ANY GROUND LEASE PROVISION THAT LIMITS THE AMOUNT A  LESSEE  COULD
ENCUMBER  ITS  INTEREST, UP TO AND INCLUDING ITS ENTIRE INTEREST IN SUCH
GROUND LEASE, SHALL ALSO ADJUST SUCH AMOUNT ANNUALLY ON THE FIRST DAY OF
OCTOBER OF EACH YEAR BY THE CHANGE IN THE REGIONAL CONSUMER PRICE  INDEX
FOR  ALL  URBAN  CONSUMERS,  NEW  YORK-NORTHERN  NEW JERSEY-LONG ISLAND,
NY-NJ-CT-PA, AS ESTABLISHED THE PRECEDING AUGUST.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10836-01-3

S5245A (ACTIVE) - Details

See Assembly Version of this Bill:
A7269A
Current Committee:
Law Section:
Real Property Law
Laws Affected:
Add §220-a, RP L

S5245A (ACTIVE) - Summary

Relates to ground leases.

S5245A (ACTIVE) - Sponsor Memo

S5245A (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 5245--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 15, 2013
                               ___________

Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
  printed to be committed to the Committee  on  Judiciary  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN ACT to amend the real property law, in relation to ground leases

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The real property law is amended by adding  a  new  section
220-a to read as follows:
  S  220-A.  GROUND  LEASES.  1.  DEFINITIONS.  FOR THE PURPOSES OF THIS
SECTION ONLY, A "GROUND LEASE" SHALL BE DEFINED AS  A  RENTAL  AGREEMENT
THAT:
  (A) HAS A TERM OF AT LEAST TEN YEARS;
  (B)  IS FOR THE USE OF REAL PROPERTY, WHICH MAY OR MAY NOT INCLUDE ANY
IMPROVEMENTS OR STRUCTURES, BUT SHALL NOT APPLY TO REAL  PROPERTY  OWNED
AS  THE  COMMON  PROPERTY  OF  ANY INDIAN NATION, TRIBE, OR BAND AS SUCH
LANDS ARE DESCRIBED UNDER AND PROTECTED BY INDIAN LAW AND/OR TITLE 25 OF
THE UNITED STATES CODE; AND
  (C) ALLOWS A TENANT TO CONSTRUCT OR SUBSTANTIALLY  IMPROVE,  RENOVATE,
OR REHABILITATE STRUCTURES OR IMPROVEMENTS UPON SUCH REAL PROPERTY.
  2.  REFINANCING.  (A)  IF  ANY  GROUND  LEASE DOES NOT CONTAIN EXPRESS
PROVISIONS PROHIBITING A LESSEE  FROM  ENCUMBERING  ITS  INTEREST  IN  A
GROUND  LEASE,  A  LESSEE  MAY  ENCUMBER  UP TO AND INCLUDING ITS ENTIRE
INTEREST IN SUCH GROUND LEASE. IF SUCH GROUND LEASE CONTAINS  PROVISIONS
RESTRICTING  THE  LESSEE'S  ABILITY TO ENCUMBER ITS INTEREST, THE LESSEE
MUST OBTAIN THE LESSOR'S WRITTEN PERMISSION PRIOR TO SUCH ENCUMBRANCE.
  (B) IF THE LESSEE IS REQUIRED TO OBTAIN  THE  LESSOR'S  PERMISSION  TO
ENCUMBER THE LESSEE'S INTEREST, THE LESSOR MAY ONLY REFUSE TO GRANT SUCH
PERMISSION FOR REASONABLE CAUSE AND MUST PROVIDE THE LESSEE WITH A WRIT-
TEN  STATEMENT  THAT SETS FORTH THE BASIS FOR THE REFUSAL WITHIN FIFTEEN
DAYS OF A WRITTEN REQUEST FOR PERMISSION FROM THE LESSEE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10836-03-3

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