Posted by Ken on December 13, 2000 at 00:08:18:
In Reply to: See RPAPL §713 and §721 About Foreclosure posted by on December 12, 2000 at 23:44:22:
Whoever you are (still anonymous) thanks for referencing the law.
Your point about forclosure taking a while in New York is well taken. Also, I have noticed that Blumburg lease forms, (at least the one I have) does contain a subordination clause, like you mentioned.
: Getting a judgment of foreclosure takes quite a while in New York. In addition, the landlady might be able to get new financing to prevent the foreclosure.
: Most form leases contain a clause which makes the lease subordinate to the mortgage.
: Section 713 of New York's Real Property Actions and Proceedings Law (RPAPL) permits a party who obtains a judgment of foreclosure to commence an eviction proceeding by serving a 10-day notice to quit on the tenant.
: Section 721 of the RPAPL permits the purchaser at a foreclosure sale to bring an eviction proceeding.
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