2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 6 - (200 - 221) URBAN REDEVELOPMENT CORPORATIONS
220 - Provisions of lease.

 
    §  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.