Senate Bill S7825A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7825--A
     Cal. No. 719
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             December 20, 2023
                                ___________
 
 Introduced by Sens. KRUEGER, CLEARE, GONZALEZ, GOUNARDES, HOYLMAN-SIGAL,
   JACKSON, LIU, MAYER, MYRIE, RAMOS, RIVERA, SCARCELLA-SPANTON, SEPULVE-
   DA, STAVISKY -- read twice and ordered printed, and when printed to be
   committed to the Committee on Rules -- recommitted to the Committee on
   Judiciary in accordance with Senate Rule 6, sec. 8 -- reported favora-
   bly  from  said committee, ordered to first and second report, ordered
   to a third reading, amended and ordered reprinted, retaining its place
   in the order of third reading
 
 AN ACT to amend the real property  law,  in  relation  to  limiting  the
   amount  of  rent  increases  for  residential ground lease cooperative
   apartment buildings and establishing certain rights upon expiration of
   such 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
 233-c to read as follows:
   § 233-C. RESIDENTIAL GROUND LEASE COOPERATIVE APARTMENT BUILDINGS.  1.
 WHEREVER USED IN THIS SECTION:
   (A) THE TERM "RESIDENTIAL GROUND LEASE COOPERATIVE APARTMENT BUILDING"
 MEANS  ANY  AND  ALL  BUILDINGS,  IMPROVEMENTS  AND/OR  OTHER STRUCTURES
 LOCATED IN THE STATE OF NEW YORK OCCUPIED, OWNED AND/OR LEASED IN  WHOLE
 OR  IN PART BY A GROUND LEASE RESIDENTIAL COOPERATIVE, OR ANY SUBSIDIARY
 OR AFFILIATE THEREOF, PURSUANT  TO  A  SUBJECT  RESIDENTIAL  COOPERATIVE
 GROUND LEASE.
   (B) THE TERM "GROUND LEASE RESIDENTIAL COOPERATIVE" MEANS ANY NEW YORK
 CORPORATION  ORGANIZED  AND/OR  OPERATING  AS A HOUSING DEVELOPMENT FUND
 CORPORATION, NEW YORK COOPERATIVE CORPORATION AND/OR COOPERATIVE HOUSING
 CORPORATION, INCLUDING ANY ENTITY MEETING  THE  DEFINITION  THEREOF  FOR
 FEDERAL INCOME TAX PURPOSES, OR ANY PERSON OR ENTITY THAT IS A TENANT IN
 COMMON, CO-TENANT OR JOINT OWNER WITH ANY SUCH CORPORATION, OR WHICH IS,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02744-05-4
              

 S. 7825--A                          2
 
 DIRECTLY  OR  INDIRECTLY  THROUGH  A  SUBSIDIARY OR AFFILIATE THEREOF, A
 PARTY TO A SUBJECT RESIDENTIAL COOPERATIVE GROUND LEASE.
   (C)  THE TERM "SUBJECT RESIDENTIAL COOPERATIVE GROUND LEASE" MEANS THE
 LEASE AGREEMENT, TOGETHER WITH ANY AMENDMENTS OR  OTHER  RELATED  AGREE-
 MENTS  INCLUDING ANY FORBEARANCE, SETTLEMENT, TENANCY IN COMMON OR OTHER
 SIMILAR AGREEMENTS RELATED THERETO, PURSUANT TO  WHICH  A  GROUND  LEASE
 RESIDENTIAL COOPERATIVE LEASES, OCCUPIES AND/OR OTHERWISE USES FOR RESI-
 DENTIAL,  COMMERCIAL,  OR OTHER ANCILLARY PURPOSES THE GROUND LEASE REAL
 PROPERTY FROM ONE OR MORE SUBJECT GROUND LEASE OWNERS.
   (D) THE TERM "GROUND LEASE REAL PROPERTY"  MEANS  ALL  REAL  PROPERTY,
 INCLUDING  IMPROVEMENTS  THEREON, ALL OR ANY PORTION OF WHICH IS LEASED,
 RENTED, LICENSED OR OTHERWISE PROVIDED FOR USE TO A GROUND  LEASE  RESI-
 DENTIAL COOPERATIVE PURSUANT TO A SUBJECT RESIDENTIAL COOPERATIVE GROUND
 LEASE,  INCLUDING ANY PORTION THEREOF THAT MAY BE SUBLEASED OR OTHERWISE
 USED FOR ANCILLARY RETAIL, PARKING, OR COMMERCIAL PURPOSES.
   (E) THE TERM "SUBJECT GROUND LEASE OWNERS" MEANS ANY AND  ALL  PERSONS
 OR  ENTITIES  (WHETHER  NATURAL  PERSONS, ESTATES, TRUSTS, CORPORATIONS,
 PARTNERSHIPS OR OTHER ENTITIES), OTHER THAN ANY  EXCEPTED  GROUND  LEASE
 OWNER, THAT HOLDS TITLE TO AND/OR IS THE OWNER (WHETHER BY THE ENTIRETY,
 AS  TENANTS IN COMMON OR OTHERWISE) OF GROUND LEASE REAL PROPERTY AND/OR
 IS OTHERWISE THE LANDLORD  UNDER  ANY  SUBJECT  RESIDENTIAL  COOPERATIVE
 GROUND LEASE.
   (F) THE TERM "EXCEPTED GROUND LEASE OWNER" (I) MEANS THE UNITED STATES
 FEDERAL GOVERNMENT, THE STATE OF NEW YORK, THE CITY OF NEW YORK, AND ANY
 AGENCY,  MUNICIPALITY  OR  POLITICAL SUBDIVISION OF ANY OF THE FOREGOING
 THEREOF, ANY ENTITY OWNED OR CONTROLLED BY ANY OF THE FOREGOING, INCLUD-
 ING, WITHOUT LIMITATION, THE BATTERY PARK CITY AUTHORITY, THE  ROOSEVELT
 ISLAND  OPERATING  CORPORATION, THE QUEENS WEST DEVELOPMENT CORPORATION,
 THE BROOKLYN BRIDGE PARK DEVELOPMENT  CORPORATION,  THE  NEW  YORK  CITY
 EDUCATIONAL  CONSTRUCTION FUND, AND THE NEW YORK CITY HOUSING AUTHORITY;
 AND (II) ANY CHARITY APPROVED  UNDER  SECTION  501(C)  OF  THE  INTERNAL
 REVENUE CODE WHICH ACQUIRED ITS INTEREST AS THE OWNER AND/OR LANDLORD OF
 A  GROUND LEASE REAL PROPERTY PRIOR TO JANUARY FIRST, TWO THOUSAND TWEN-
 TY-FOUR, AND ANY INDIAN  NATION,  TRIBE  OR  BAND  DESCRIBED  UNDER  AND
 PROTECTED  BY  THE  INDIAN LAW AS DEFINED UNDER TITLE TWENTY-FIVE OF THE
 UNITED STATES CODE, BUT SHALL EXCLUDE ANY  "PRIVATE  FOUNDATION"  WITHIN
 THE MEANING OF SECTION FIVE HUNDRED NINE OF THE INTERNAL REVENUE CODE.
   (G)  THE  TERM  "BASE RENT" MEANS FOR ANY YEAR THE PAYMENTS, INCLUDING
 ANY CONSUMER PRICE INDEX OR OTHER  SIMILAR  ADJUSTMENT  PAYMENTS,  OTHER
 THAN  ADDITIONAL  RENT,  REQUIRED TO BE MADE TO THE SUBJECT GROUND LEASE
 OWNERS FOR SUCH YEAR  PURSUANT  TO  A  SUBJECT  RESIDENTIAL  COOPERATIVE
 GROUND LEASE.
   (H)  THE TERM "ADDITIONAL RENT" MEANS, FOR ANY YEAR, THE AMOUNTS SPENT
 OR BORNE BY THE GROUND LEASE RESIDENTIAL COOPERATIVE  DURING  SUCH  YEAR
 PURSUANT TO, OR IN ORDER TO COMPLY WITH, THE SUBJECT RESIDENTIAL COOPER-
 ATIVE  GROUND  LEASE  FOR  THE  PAYMENT OF REAL ESTATE TAXES, INSURANCE,
 REPAIR, MAINTENANCE, INCLUDING, WITHOUT LIMITATION, MAINTENANCE  AS  MAY
 BE REQUIRED PURSUANT TO ANY FACADE INSPECTION SAFETY PROGRAM IMPLEMENTED
 BY ANY CITY, MUNICIPALITY OR OTHER GOVERNMENT ENTITY WITHIN THE STATE OF
 NEW  YORK,  AND/OR OTHER CAPITAL IMPROVEMENTS FOR OR WITH RESPECT TO THE
 RESIDENTIAL GROUND LEASE COOPERATIVE APARTMENT BUILDING.
   (I) THE TERM "MAXIMUM ANNUAL RENT INCREASE PERCENTAGE" MEANS, FOR  ANY
 YEAR,  THE  GREATER  OF: (I) THREE PERCENT (3%); AND (II) THE PERCENTAGE
 CHANGE IN THE CONSUMER PRICE INDEX (FOR ALL URBAN CONSUMERS,  U.S.  CITY
 AVERAGE, ALL ITEMS, NOT SEASONALLY ADJUSTED), AS PUBLISHED BY THE UNITED
 STATES DEPARTMENT OF LABOR FOR SUCH YEAR.
 S. 7825--A                          3
 
   (J)  "COMMISSIONER"  MEANS THE COMMISSIONER OF THE DIVISION OF HOUSING
 AND COMMUNITY RENEWAL.
   2.  ANNUAL INCREASES IN BASE RENT PAYABLE BY ANY GROUND LEASE RESIDEN-
 TIAL COOPERATIVE FROM AND AFTER THE THIRTIETH ANNIVERSARY OF THE INITIAL
 DATE OF THE SUBJECT RESIDENTIAL GROUND LEASE SHALL IN  NO  EVENT  EXCEED
 THE  MAXIMUM ANNUAL RENT INCREASE PERCENTAGE OF THE BASE RENT PAYABLE BY
 THE GROUND LEASE RESIDENTIAL COOPERATIVE IN THE PRIOR YEAR. IN THE EVENT
 THE SUBJECT RESIDENTIAL COOPERATIVE GROUND LEASE PROVIDES FOR  INCREASES
 IN  BASE  RENT  ON  A  PERIODIC BASIS LESS FREQUENTLY THAN ANNUALLY, THE
 INCREASE IN BASE RENT FOR ANY PERIOD MAY NOT  REPRESENT  MORE  THAN  THE
 COMPOUND  INCREASE  THAT  RESULTS  FROM APPLYING THE MAXIMUM ANNUAL RENT
 INCREASE PERCENTAGE FOR EACH APPLICABLE YEAR  ABOVE  THE  BASE  RENT  IN
 EFFECT  AS  OF  THE  LAST PRIOR INCREASE IN BASE RENT. THE PROVISIONS OF
 THIS SUBDIVISION SHALL APPLY AS A LIMIT ON ANNUAL INCREASES IN BASE RENT
 REGARDLESS OF THE METHODOLOGY FOR  DETERMINING  THE  BASE  RENT  OR  ANY
 INCREASES  THEREIN  AS  SET FORTH IN THE SUBJECT RESIDENTIAL COOPERATIVE
 GROUND LEASE INSTRUMENT.
   3. (A) SUBJECT TO PARAGRAPH (B) OF THIS SUBDIVISION, AFTER THE  EFFEC-
 TIVE  DATE  OF  THIS  SECTION,  TO THE EXTENT THAT A SUBJECT RESIDENTIAL
 COOPERATIVE GROUND LEASE DOES NOT OTHERWISE CONTAIN A RIGHT OR OPTION TO
 RENEW THAT CONTINUES TO BE EXERCISABLE BY THE RESIDENTIAL  GROUND  LEASE
 COOPERATIVE,  ANY  RESIDENTIAL  GROUND  LEASE COOPERATIVE SHALL HAVE THE
 RIGHT TO RENEW ITS SUBJECT RESIDENTIAL COOPERATIVE GROUND LEASE  ON  THE
 SAME TERMS AND CONDITIONS, SUBJECT TO THIS SECTION, AS IN EFFECT AT TIME
 OF  RENEWAL,  WITH SUCH RENEWAL EXERCISABLE AT ANY TIME PRIOR TO THE END
 OF THE TERM OR WITHIN NINETY DAYS AFTER HAVING RECEIVED  WRITTEN  NOTICE
 FROM THE SUBJECT GROUND LEASE OWNERS OF THE EXPIRATION OR TERMINATION OF
 THE  SUBJECT  RESIDENTIAL  COOPERATIVE  GROUND  LEASE.  ANY RENEWAL TERM
 PURSUANT TO THE FOREGOING SHALL, SUBJECT TO PARAGRAPH (B) OF THIS SUBDI-
 VISION, BE EQUAL TO THE LESSER OF THE TERM OF SUCH  SUBJECT  RESIDENTIAL
 COOPERATIVE  GROUND  LEASE  PRIOR  TO  SUCH EXPIRATION OR TERMINATION OR
 THIRTY YEARS, AND SHALL OCCUR AUTOMATICALLY AND SUCCESSIVELY, UNLESS THE
 SUBJECT RESIDENTIAL COOPERATIVE GROUND LEASE AFFIRMATIVELY ELECTS TO NOT
 SO RENEW AND HAS PROVIDED WRITTEN NOTICE  OF  SUCH  NON-RENEWAL  TO  THE
 SUBJECT GROUND LEASE OWNERS.
   (B)  NOTWITHSTANDING PARAGRAPH (A) OF THIS SUBDIVISION, IN THE CASE OF
 ANY RENEWAL THAT IS NOT ALREADY PROVIDED FOR IN THE SUBJECT  RESIDENTIAL
 COOPERATIVE  GROUND LEASE, A SUBJECT GROUND LEASE OWNER MAY ELECT NOT TO
 RENEW A SUBJECT RESIDENTIAL COOPERATIVE GROUND LEASE, AND IN  ANY  EVENT
 MAY  BRING  AND  MAINTAIN  ANY ACTION FOR EVICTION, IN EACH CASE FOR THE
 REASONS SET FORTH IN SECTION SEVEN HUNDRED ELEVEN OF THE  REAL  PROPERTY
 ACTIONS AND PROCEEDINGS LAW.
   4.  AFTER  THE EFFECTIVE DATE OF THIS SECTION, TO THE EXTENT A SUBJECT
 RESIDENTIAL GROUND LEASE  CONTAINS  ANY  PROHIBITION,  SPECIFIED  DOLLAR
 LIMITATIONS  OR  OTHER  REQUIREMENTS FOR OR CONDITIONED ON OBTAINING THE
 PRIOR WRITTEN CONSENT OF THE SUBJECT GROUND LEASE OWNER WITH RESPECT  TO
 THE  INCURRENCE  OF  INDEBTEDNESS OR BORROWING OF MONEY BY A RESIDENTIAL
 GROUND LEASE COOPERATIVE AND/OR THE ENCUMBRANCE OF ITS INTEREST  IN  THE
 GROUND  LEASE  APARTMENT  BUILDING IN CONNECTION THEREWITH, IN EACH CASE
 WHERE THE PRIMARY PURPOSE OF SUCH INDEBTEDNESS AND/OR BORROWED MONEY  IS
 TO  PROVIDE  PROCEEDS  OR  OTHER  CREDIT SUPPORT TO PAY OR FUND REPAIRS,
 MAINTENANCE OR OTHER CAPITAL IMPROVEMENTS ON  OR  WITH  RESPECT  TO  THE
 GROUND  LEASE  REAL PROPERTY AND/OR THE GROUND LEASE APARTMENT BUILDING,
 THE SUBJECT GROUND LEASE OWNER MAY ONLY REFUSE TO GRANT SUCH CONSENT FOR
 REASONABLE CAUSE AND MUST PROVIDE THE RESIDENTIAL GROUND  LEASE  COOPER-
 ATIVE  WITH  A  WRITTEN  STATEMENT  THAT SETS FORTH THE BASIS OF REFUSAL
 S. 7825--A                          4
 
 WITHIN FIFTEEN DAYS OF A WRITTEN REQUEST FOR PERMISSION FROM  THE  RESI-
 DENTIAL  GROUND  LEASE COOPERATIVE. THE FOREGOING SHALL NOT APPLY TO ANY
 MORTGAGE OR GRANTING OF A SECURITY INTEREST IN  THE  GROUND  LEASE  REAL
 PROPERTY,  OTHER THAN THE RESIDENTIAL GROUND LEASE COOPERATIVE APARTMENT
 BUILDING ITSELF SO LONG AS IT  IS  SUBORDINATE  TO  THE  RIGHTS  OF  THE
 SUBJECT  GROUND  LEASE  OWNER  UNDER THE SUBJECT RESIDENTIAL COOPERATIVE
 GROUND LEASE.
   5. (A) IF, AFTER THE EFFECTIVE  DATE  OF  THIS  SECTION,  ANY  SUBJECT
 GROUND  LEASE  OWNER  PROPOSES  TO  DIRECTLY OR INDIRECTLY SELL, ASSIGN,
 EXCHANGE, OR OTHERWISE TRANSFER ANY DIRECT OR INDIRECT INTEREST  IN  ANY
 GROUND  LEASE REAL PROPERTY, INCLUDING, WITHOUT LIMITATION, ANY INDIRECT
 HYPOTHECATION BY WAY OF TRANSFERS OF INTERESTS IN  ANY  ENTITY  THAT  IS
 ITSELF  A  SUBJECT GROUND LEASE  LANDLORD OR AN OWNER THEREOF AND/OR THE
 SUBJECT   RESIDENTIAL COOPERATIVE   GROUND   LEASE ITSELF,  THE  SUBJECT
 GROUND  LEASE  OWNER  SHALL PROVIDE THE RESIDENTIAL GROUND LEASE COOPER-
 ATIVE WITH WRITTEN NOTICE THEREOF CONTAINING THE  PRICE  AND  ALL  OTHER
 TERMS  AND  CONDITIONS OF SUCH DIRECT OR INDIRECT PROPOSED SALE, ASSIGN-
 MENT, EXCHANGE, TRANSFER, OR OTHER SIMILAR CONVEYANCE.  THE  RESIDENTIAL
 GROUND  LEASE  COOPERATIVE SHALL HAVE THE RIGHT TO PURCHASE THE INTEREST
 BEING SOLD, ASSIGNED, EXCHANGED, TRANSFERRED, OR CONVEYED  AT  THE  SAME
 PRICE  AND  ON  SUBSTANTIALLY  SIMILAR TERMS AND CONDITIONS BY PROVIDING
 WRITTEN NOTICE TO THE SUBJECT GROUND  LEASE  OWNER  WITHIN  ONE  HUNDRED
 TWENTY  DAYS  OF  RECEIPT  OF THE AFOREMENTIONED WRITTEN NOTICE FROM THE
 SUBJECT GROUND LEASE OWNER. THE CLOSING OF THE PURCHASE BY THE  RESIDEN-
 TIAL  GROUND  LEASE  COOPERATIVE  SHALL  OCCUR WITHIN THE TIME FRAME AND
 PURSUANT TO PROCEDURES ADOPTED BY THE COMMISSIONER PURSUANT TO PARAGRAPH
 (D) OF THIS SUBDIVISION.
   (B) IF AN OFFER TO PURCHASE BY THE RESIDENTIAL  GROUND  LEASE  COOPER-
 ATIVE  IS NOT DELIVERED WITHIN SUCH ONE HUNDRED TWENTY DAY PERIOD, THEN,
 UNLESS THE SUBJECT GROUND LEASE OWNER THEREAFTER ELECTS TO  DIRECTLY  OR
 INDIRECTLY  SELL,  ASSIGN, EXCHANGE, OR OTHERWISE TRANSFER ANY DIRECT OR
 INDIRECT INTEREST IN ANY GROUND LEASE REAL PROPERTY  AT  A  PRICE  LOWER
 THAN  THE  PRICE SPECIFIED IN THE NOTICE TO THE RESIDENTIAL GROUND LEASE
 COOPERATIVE OR ON TERMS DIFFERENT FROM THOSE PRESENTED TO  THE  RESIDEN-
 TIAL  GROUND  LEASE  COOPERATIVE,  THE SUBJECT GROUND LEASE OWNER HAS NO
 FURTHER OBLIGATIONS UNDER THIS SECTION, UNLESS THE SUBJECT GROUND  LEASE
 OWNER  DOES NOT DIRECTLY OR INDIRECTLY SELL, ASSIGN, EXCHANGE, OR OTHER-
 WISE TRANSFER ANY DIRECT OR INDIRECT INTEREST IN ANY GROUND  LEASE  REAL
 PROPERTY IN ACCORDANCE WITH THE FOREGOING WITHIN ONE HUNDRED TWENTY DAYS
 AFTER  THE  EXPIRATION  OF  THE ONE HUNDRED TWENTY DAY PERIOD COMMENCING
 WITH DELIVERY OF THE WRITTEN NOTICE OF THE PROPOSED SALE TO THE RESIDEN-
 TIAL GROUND LEASE COOPERATIVE, IN WHICH CASE  THE  PROVISIONS  OF  PARA-
 GRAPHS (A) AND (C) OF THIS SUBDIVISION SHALL CONTINUE TO APPLY.
   (C)  IF  THE SUBJECT GROUND LEASE OWNER, AFTER SUCH ONE HUNDRED TWENTY
 DAY PERIOD, ELECTS TO DIRECTLY OR INDIRECTLY SELL, ASSIGN, EXCHANGE,  OR
 OTHERWISE  TRANSFER  ANY DIRECT OR INDIRECT INTEREST IN ANY GROUND LEASE
 REAL PROPERTY AT A PRICE LOWER THAN THE PRICE SPECIFIED IN THE NOTICE TO
 THE RESIDENTIAL GROUND LEASE COOPERATIVE  OR  ON  TERMS  DIFFERENT  FROM
 THOSE  PRESENTED  TO  THE RESIDENTIAL GROUND LEASE COOPERATIVE, THEN THE
 RESIDENTIAL GROUND LEASE COOPERATIVE SHALL BE ENTITLED TO NOTICE THEREOF
 AND SHALL HAVE AN ADDITIONAL ONE HUNDRED TWENTY DAYS  AFTER  RECEIPT  OF
 NOTICE OF THE REVISED TERMS TO DELIVER TO THE SUBJECT GROUND LEASE OWNER
 A  WRITTEN  NOTICE  INDICATING EXERCISE OF SUCH RESIDENTIAL GROUND LEASE
 COOPERATIVE'S RIGHT TO PURCHASE WHICH MEETS THE  REVISED  PRICE,  TERMS,
 AND  CONDITIONS  AS  PRESENTED  BY  THE SUBJECT GROUND LEASE OWNER.  THE
 CLOSING OF THE PURCHASE BY SUCH  RESIDENTIAL  GROUND  LEASE  COOPERATIVE
 S. 7825--A                          5
 
 SHALL  OCCUR WITHIN THE TIME FRAME AND PURSUANT TO PROCEDURES ADOPTED BY
 THE COMMISSIONER PURSUANT TO PARAGRAPH (D) OF THIS SUBDIVISION.
   (D)  THE  COMMISSIONER  SHALL  ADOPT THE PROCEDURES IN CONNECTION WITH
 THIS SUBDIVISION NO LATER THAN ONE YEAR AFTER THE EFFECTIVE DATE OF THIS
 SECTION TO GIVE EFFECT TO CLOSING TERMS AND CONDITIONS  ASSOCIATED  WITH
 ANY PURCHASE AND SALE CONTEMPLATED BY THIS SUBDIVISION.
   (E)  THIS  SECTION  DOES  NOT  APPLY TO PURCHASES OF GROUND LEASE REAL
 PROPERTY BY A GOVERNMENTAL ENTITY UNDER ITS POWERS OF EMINENT DOMAIN.
   § 2. If any clause, sentence, paragraph, subdivision, section or  part
 of  this act shall be adjudged by any court of competent jurisdiction to
 be invalid, such judgment shall not affect, impair,  or  invalidate  the
 remainder thereof, but shall be confined in its operation to the clause,
 sentence,  paragraph,  subdivision,  section  or  part  thereof directly
 involved in the controversy in  which  such  judgment  shall  have  been
 rendered. It is hereby declared to be the intent of the legislature that
 this act would have been enacted even if such invalid provisions had not
 been included herein.
   §  3.  This  act  shall take effect immediately and shall apply to all
 existing leases as of such effective date and to  any  renewals,  amend-
 ments and other extensions of such leases.