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This entry was published on 2014-09-22
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SECTION 220
Provisions of lease
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 6
§ 220. Provisions of lease. If real property of a city be leased to a
redevelopment corporation:

1. The lease may provide that all improvements shall be the property
of the lessor;

2. The lessor may grant to the redevelopment corporation the right to
mortgage the fee of such property and thus enable the redevelopment
corporation to give as security for its notes or bonds a first lien upon
the land and improvements;

3. The execution of a lease shall not impose upon the lessor any
liability or obligation in connection with or arising out of the
financing, construction, management or operation of a development
involving the land so leased. The lessor shall not, by executing such
lease, incur any obligation or liability with respect to such leased
premises other than may devolve upon the lessor with respect to premises
not owned by it. The lessor, by consenting to the execution by a
redevelopment corporation of a mortgage upon the leased land, shall not
thereby assume, and such consent shall not be construed as imposing upon
the lessor, any liability upon the note or bond secured by the mortgage;

4. The lease may reserve such easements or other rights in connection
with the real property as may be deemed necessary or desirable for the
future planning and development of the city and the extension of public
facilities therein (including the construction of subways and conduits,
the widening and change of grade of streets); and it may contain such
other provisions for the protection of the parties as are not
inconsistent with the provisions of this article.