New York Laws
Article 115 - Cornell University
5706 - Restrictions on Alienation of Property.

(1) Such loans, advances or financing shall be obtained from or
through the dormitory authority of the state of New York, or from or
through the housing and home finance agency or from such other New York
state or federal agency or agencies as are now, or as may be, engaged in
constructing or financing the construction, acquisition, alteration, or
improvement of such educational or attendant facilities above described.
Such construction may be conducted by the said university or by the
governmental agency involved in such financing as may be agreed upon.
(2) Any conveyance of the title of any part of the aforesaid lands
shall provide that the title to said lands shall revert to Cornell
University upon payment of the principal and interest of such loan,
advance, or financing secured by said conveyance and the satisfaction of
all its obligations thereunder, and upon such payment and satisfaction
the said lands, so conveyed shall revert to and again become the
property of the university with such title as it had before such
conveyance.