|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 03, 2018||referred to judiciary|
|Mar 16, 2017||referred to judiciary|
senate Bill S5219
Archive: Last Bill Status - In Senate Committee Judiciary Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S5219 (ACTIVE) - Details
S5219 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5219 TITLE OF BILL : An act to amend the real property law, in relation to ground leases PURPOSE OR GENERAL IDEA OF BILL : Relates to ground leases. SUMMARY OF SPECIFIC PROVISIONS : Section 1 adds a new section 220-a to define a residential ground lease for the purpose of this section as a rental agreement that has a term of at least ten years; is for the use of real property, which may or may not include any improvements or structures; and allows a tenant to construct or substantially improve, renovate, or rehabilitate structures or improvements that include one or more residential dwellings upon such real property. This definition shall exclude real property owned as the common property of an Indian nation, tribe, or band as such lands are protected under federal code. The new section also concerns the ability of holders of residential ground leases to refinance their property, and includes guidelines for lessors. For example, absent an express provision prohibiting a lessee from encumbering its interest, a lessee may encumber up to and including its entire interest in such residential ground lease. If a
S5219 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5219 2017-2018 Regular Sessions I N S E N A T E March 16, 2017 ___________ 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: § 220-A. RESIDENTIAL GROUND LEASES. 1. DEFINITIONS. FOR THE PURPOSES OF THIS SECTION ONLY, A "RESIDENTIAL 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 THAT INCLUDE ONE OR MORE RESIDENTIAL DWELLINGS UPON SUCH REAL PROPERTY. 2. REFINANCING. (A) IF ANY RESIDENTIAL GROUND LEASE DOES NOT CONTAIN EXPRESS PROVISIONS PROHIBITING A LESSEE FROM ENCUMBERING ITS INTEREST IN A RESIDENTIAL GROUND LEASE, A LESSEE MAY ENCUMBER UP TO AND INCLUDING ITS ENTIRE INTEREST IN SUCH RESIDENTIAL GROUND LEASE. IF SUCH RESIDEN- TIAL 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.
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