N.Y. Real Property Law 291-C – Recording memoranda of leases
§ 291-c. Recording memoranda of leases. In lieu of the recording of a lease for a term exceeding three years, pursuant to section two hundred ninety-one of this chapter, there may be recorded with like effect a memorandum of such lease, executed by all persons who are parties to the lease, and acknowledged or proved, and certified, in the manner to entitle a conveyance to be recorded. A memorandum of lease thus entitled to be recorded shall contain at least the following information with respect to the lease: the name of the lessor and the name of the lessee and the addresses, if any, set forth in the lease as addresses of such parties; a reference to the lease, with its date of execution; a description of the leased premises in the form contained in the lease; the term of the lease, with the date of commencement and the date of termination of such term, and if there is a right of extension or renewal, the maximum period for which or date to which the lease may be extended or the number of times or date to which it may be renewed, and the date or dates on which such rights of extension or renewal are exercisable.
Terms Used In N.Y. Real Property Law 291-C
- conveyance: includes every written instrument, by which any estate or interest in real property is created, transferred, mortgaged or assigned, or by which the title to any real property may be affected, including an instrument in execution of a power, although the power be one of revocation only, and an instrument postponing or subordinating a mortgage lien; except a will, a lease for a term not exceeding three years, an executory contract for the sale or purchase of lands, and an instrument containing a power to convey real property as the agent or attorney for the owner of such property. See N.Y. Real Property Law 290
- 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
- recorded: means the entry, at length, upon the pages of the proper record books in a plain and legible hand writing, or in print or in symbols of drawing or by photographic process or partly in writing, partly in printing, partly in symbols of drawing or partly by photographic process or by any combination of writing, printing, drawing or photography or either or any two of them, or by an electronic process by which a record or instrument affecting real property, after delivery is incorporated into the public record. See N.Y. Real Property Law 290
- recording officer: means the county clerk of the county, except in a county having a register, where it means the register of the county. See N.Y. Real Property Law 290
Whenever a memorandum of lease is presented for recording, the lease shall also be submitted to the recording officer for the purpose of examination to determine whether or not such memorandum of lease is subject to the tax on mortgages provided by Article 11 of the tax law.