S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8481
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                     June 17, 2011
                                      ___________
       Introduced  by  M. of A. LIFTON, P. RIVERA, JAFFEE -- Multi-Sponsored by
         -- M. of A.  DINOWITZ,  GLICK,  GOTTFRIED,  NOLAN  --  read  once  and
         referred to the Committee on Judiciary
       AN  ACT  to amend the real property law, in relation to requiring signa-
         tures of both parties to a lease to record a  modification,  extension
         or renewal of an oil, gas or mineral land lease
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 291-cc of the real property law, as added by  chap-
    2  ter 472 of the laws of 1962, is amended to read as follows:
    3    S 291-cc. [1.] Recording modifications of leases.  1. Where a lease or
    4  memorandum  of  such  lease  has  been recorded, an unrecorded agreement
    5  modifying such lease or memorandum  is  void  as  against  a  subsequent
    6  purchaser  in  good  faith  and  for  a  valuable consideration, and the
    7  possession of the tenant shall not be deemed notice of the modification,
    8  unless the agreement of modification or a memorandum thereof is recorded
    9  prior to the  recording  of  the  instrument  by  which  the  subsequent
   10  purchaser acquires his estate or interest.
   11    1-A.  IN THE CASE OF RECORDING A MODIFICATION, EXTENSION OR RENEWAL OF
   12  AN OIL, GAS OR MINERAL LAND LEASE OR MEMORANDUM OF AN AGREEMENT TO MODI-
   13  FY, EXTEND OR RENEW SUCH LEASE,  SUCH  AGREEMENT  OR  MEMORANDUM  OF  AN
   14  AGREEMENT  MODIFYING,  EXTENDING  OR  RENEWING SUCH LEASE, SHALL BE DULY
   15  ACKNOWLEDGED BY BOTH PARTIES TO SUCH LEASE.
   16    2. A memorandum of an agreement modifying a  lease  shall  contain  at
   17  least the following information with respect to the agreement: the names
   18  of  the parties and the addresses, if any, set forth in the agreement; a
   19  reference  to  the  agreement  with  its  date  of  execution;  a  brief
   20  description  of  the  leased premises in form sufficient to identify the
   21  same; any changes made by the agreement in the term of the lease and the
   22  date of the termination of the lease as modified, and any changes in the
   23  provisions of the lease as to the rights of extension or renewal.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11772-02-1
       A. 8481                             2
    1    3. For the purpose of this section the  word  "purchaser"  includes  a
    2  person who purchases or acquires by exchange or contracts to purchase or
    3  acquire  by  exchange  the leased premises or the real property of which
    4  the leased premises are part or  any  estate  or  interest  therein,  or
    5  acquires by assignment the rent to accrue from tenancies or subtenancies
    6  thereof in existence at the time of the assignment.
    7    S  2.  This  act  shall take effect immediately and shall apply to all
    8  agreements,  leases  and  contracts  entered  into,   issued,   renewed,
    9  extended, altered, or modified on or after such effective date.