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Recording Modifications of Leases

NY Real Property Law §291-cc provides that where a lease or memorandum has been recorded, an unrecorded modification is void against a subsequent good-faith purchaser for value, and tenant possession is not deemed notice of the modification for that purpose. The statute also requires minimum content for a memorandum of modification (parties, lease reference, premises identification, changes to term/renewal).

Where it applies
New York State
When it comes up
Asset management; refinancing; sale diligence
Property types
Commercial, ground lease, long-term recorded lease structures