N.Y. Comp. Codes R. & Regs. tit. 9 § 2105.6

Current through Register Vol. 46, No. 45, November 2, 2024

Section 2105.6 - Lease with option to buy

(a) Where a lease of housing accommodations was entered into prior to May 1, 1950, and the tenant, as a part of such lease or in connection therewith, was granted an option to buy the housing accommodations which were the subject of the lease, with the further provision that some or all of the payments made under the lease should be credited toward the purchase price in the event such option is exercised, the landlord, notwithstanding any other provision of this Subchapter, may be authorized to receive payment made by the tenant in accordance with the provisions of such lease and in excess of the maximum rent for such housing accommodations.

(1) Such authority may be secured only by a written request of the tenant to the local rent office and may be granted by order of the Administrator if he finds that such payments in excess of the maximum rent will not be inconsistent with the purposes of the Act or this Subchapter and would not be likely to result in the circumvention or evasion thereof.

(2) After entry of such order the landlord shall be authorized to demand, receive and retain, and the tenant shall be authorized to offer payments provided by the lease in excess of the maximum rent for periods commencing on or after May 1, 1950. After entry of such order, the provisions of the lease may be enforced in accordance with law, notwithstanding any other provision of this Subchapter.

(3) Nothing in this section shall be construed to authorize the landlord to demand or receive or the tenant to offer payments in excess of the maximum rent in the absence of an order of the Administrator as herein provided.

(b) Where a lease of housing accommodations has been entered into on or after May 1, 1950 and the tenant as a part of such lease or in connection therewith has been granted an option to buy the housing accommodations which are the subject of the lease, the landlord prior to the exercise by the tenant of the option to buy, shall not demand or receive nor shall the tenant offer payments in excess of the maximum rent, whether or not such lease allocates some portion or portions of the periodic payments therein provided as payment on or for the option to buy.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 2105.6