N.Y. Personal Property Law 345 – Renegotiations and extensions
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§ 345. Renegotiations and extensions. 1. A renegotiation is a new lease which is subject to the disclosure requirements of section three hundred thirty-seven of this article.
Terms Used In N.Y. Personal Property Law 345
- 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
2. The disclosure requirements of section three hundred thirty-seven of this article are not applicable to any extension of a retail lease agreement. An extension of a retail lease agreement need not be signed contemporaneously by the holder and the lessee if the extension is transacted by mail, is for a period of twenty-four months or less and is first signed by the holder prior to signature by the lessee.