N.Y. General Municipal Law 72-P – Lease of real property by a municipality
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* § 72-p. Lease of real property by a municipality. Notwithstanding any provision of any general, special or local law or of any charter, whenever a municipal corporation enters into a lease of real property the lease agreement shall provide that the tenant may not assign the lease to a third party unless such assignment is approved by the municipal corporation. A municipal corporation may not arbitrarily and capriciously withhold its approval of such assignment. The provisions of this section shall not apply to the leases of real property to municipal or public corporations.
Terms Used In N.Y. General Municipal Law 72-P
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
* NB There are two § 72-p's