(2) own any property, improved or unimproved, or any mortgage or other
lien thereon, within any section of a municipality included in a map
showing sections containing areas for clearance, replanning and low rent
housing, adopted by the planning commission of the municipality as a
whole or part of the master plan, or
(3) own any property, improved or unimproved, or any mortgage or other
lien thereon, within any section of a municipality which may be
designated by the planning commission or the housing authority of the
municipality as substandard or insanitary, may sell such property,
mortgage or lien, and may, notwithstanding any other provision of law,
receive and hold in exchange therefor securities issued by a corporation
owning or acquiring title to such property, if such corporation shall
agree in writing at the time of such sale, to reconstruct, improve,
alter, repair or demolish such property or to construct a new building
on such property, or on such property and on any contiguous property
owned or to be acquired by such corporation.
Structure New York Laws
Article 8 - Conveyances and Mortgages
240 - Definitions and Use of Terms.
240-B - Certain Conveyances Authorized; Effect Thereof.
240-C - Joint Tenancy Severance.
241 - Ancient Conveyances Abolished.
242 - Disclosure Prior to the Sale of Real Property.
243 - Grant of Fee or Freehold.
244 - When Grant Takes Effect.
245 - Estate Which Passes by Grant or Devise.
246 - Certain Deeds Declared Grants.
247 - Conveyance by Tenant for Life or Years of Greater Estate Than Possessed.
248 - Effect of Conveyance Where Property Is Leased.
252 - Lineal and Collateral Warranties Abolished.
253 - Construction of Covenants in Grants of Freehold Interests.
254 - Construction of Clauses and Covenants in Mortgages and Bonds or Notes.
254-A - Right of Election of Mortgagee in Certain Cases.
254-B - Limitation on Late Charges.
254-C - Right to a Copy of Real Property Appraisals and Consumer Reports in Certain Cases.
254-D - Fees by Mortgagee for Direct Payment of Real Property Taxes by Mortgagor Prohibited.
255 - Construction of Grant of Appurtenances and of All the Rights and Estate of Grantor.
257 - Covenants Bind Representatives of Grantor and Mortgagor and Inure to the Benefit of Whom.
258 - Short Forms of Deeds and Mortgages.
260 - Lands Adversely Held May Be Conveyed or Mortgaged.
261 - Maintenance of Telegraph or Other Electric Wires Raises No Presumption of Grant.
265 - Fraudulent Intent, Question of Fact.
265-A - Home Equity Theft Prevention.
265-B - Distressed Property Consulting Contracts.
266 - Rights of Purchaser or Incumbrancer for Valuable Consideration Protected.
267 - Conveyances With Power to Revoke, Determine or Alter.
268 - Disaffirmance of Fraudulent Act by Executor and Others.
269 - When Remainderman May Pay Interest Owed by Life Tenant.
270 - Powers of Courts of Equity Not Abridged.
271 - Construction of Covenants in Mortgages on Leases of Real Property and Bonds or Notes.
272 - Construction of Grant of Appurtenances, and All of the Rights and Estate of the Mortgagor.
273 - What Form of Mortgage on Lease of Real Property.
274 - Transfers and Mortgages of Interest in Decedents' Estates.
274-A - Certificate of Principal Amount Unpaid on Mortgages of Real Property.
275 - Certificate of Discharge of Mortgage Required.
276 - Effect of Certain Easements on the Right to Invest in Mortgages.
277 - Modification and Extension of Mortgage Investment.
277-A - Powers of Fiduciaries and Others Holding Guaranteed Mortgages or Mortgage Investments.
278 - Exchange of Mortgage Investment.
278-A - Sale or Exchange of Certain Real Property or Mortgage Investments Therein Authorized.
279 - Graduated Payment Mortgage.
280 - Reverse Mortgage Loans for Persons Sixty Years of Age or Older.
280-A - Reverse Mortgage Loans for Persons Seventy Years of Age or Older.
280-B - Federal Home Equity Conversion Mortgage Regulation.
280-D - Federal Home Equity Conversion Mortgage Default and Foreclosure Regulation.