N.Y. Private Housing Finance Law 553 – Conditions precedent to sale or lease
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§ 553. Conditions precedent to sale or lease. No such grant, sale, lease or conveyance under this article shall be made unless (1) the authority or municipality, after a public hearing on ten days published notice, and with the approval of the government providing the financial assistance, shall find that such transfer is in the best public interest, (2) adequate provision will be made for tenant relocation, and (3) adequate provision will be made for the payment or retirement of all bonds, notes and other obligations issued by the municipality or authority to finance the project cost.
Terms Used In N.Y. Private Housing Finance Law 553
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.