N.Y. PVH Law § 504

§ 504. Re-entry of lands sold or leased. 1. After the expiration of\none year from the sale or lease of real property by the municipality to\na housing company, the municipality shall have the right of re-entry in\nthe manner hereinafter provided. Such right of re-entry may, where the\nproperty has been sold, be exercised at any time prior to twenty years\nafter such sale, or where the property has been leased, at any time\nprior to the termination of the lease. The local legislative body may\nby resolution determine to re-enter the real property of any housing\ncompany which has purchased or leased property from the municipality.\n 2. A certified copy of such resolution shall be filed in the office of\nthe county clerk or register in which the deed or lease of such property\nis recorded, and shall be served upon the housing company and also upon\nall obligees, mortgagees or holders of liens upon the real property or\nupon any interest therein. Upon the filing of such resolution all\nindebtedness of the housing company shall become immediately due and\npayable.\n 3. The municipality shall, within ninety days after the filing of the\nresolution to re-enter, or as soon thereafter as may be feasible, pay to\nthe company a sum which, together with the assets of such company, shall\nbe sufficient to discharge all the indebtedness of the company, pay the\nreasonable expenses of liquidation and dissolution and return to the\nholders of stock and debentures then outstanding, the par value thereof\nplus interest at the rate of six per centum per annum and any accrued\nand unpaid dividends or interest on such outstanding stock and\ndebentures.\n 4. Upon the making of such payment the housing company shall deliver\nto the municipality proper instruments evidencing the cancellation of\nthe indebtedness and the surrender of the rights of the company and\nthereupon the repossession by the municipality shall be complete.\n 5. In the event of a foreclosure of a mortgage or other lien held by\nany other person, bodies, institutions, associations, or corporations\nspecified in section eighty-one the right of re-entry by the\nmunicipality shall terminate upon the entry of a judgment of foreclosure\nand sale.\n