* § 1449-aaaaaaa. Definitions. When used in this article, unless
otherwise expressly stated:

1. "Person" means an individual, partnership, society, association,
joint stock company, corporation, estate, receiver, trustee, assignee,
referee or any other person acting in a fiduciary or representative
capacity, whether appointed by a court or otherwise, any combination of
individuals, and any other form of unincorporated enterprise owned or
conducted by two or more persons.

2. "Controlling interest" means (a) in the case of a corporation,
either fifty percent or more of the total combined voting power of all
classes of stock of such corporation, or fifty percent or more of the
capital, profits or beneficial interest in such voting stock of such
corporation, and (b) in the case of a partnership, association, trust or
other entity, fifty percent or more of the capital, profits or
beneficial interest in such partnership, association, trust or other
entity.

3. "Real property" means every estate or right, legal or equitable,
present or future, vested or contingent, in lands, tenements or
hereditaments, including buildings, structures and other improvements
thereon, which are located in whole or in part within the county of
Cortland. It shall not include rights to sepulture.

4. "Consideration" means the price actually paid or required to be
paid for the real property or interest therein, including payment for an
option or contract to purchase real property, whether or not expressed
in the deed and whether paid or required to be paid by money, property,
or any other thing of value. It shall include the cancellation or
discharge of an indebtedness or obligation. It shall also include the
amount of any mortgage, purchase money mortgage, lien or other
encumbrance, whether or not the underlying indebtedness is assumed or
taken subject to.

(a) In the case of a creation of a leasehold interest or the granting
of an option with use and occupancy of real property, consideration
shall include, but not be limited to, the value of the rental and other
payments attributable to the use and occupancy of the real property or
interest therein, the value of any amount paid for an option to purchase
or renew and the value of rental or other payments attributable to the
exercise of any option to renew.

(b) In the case of a creation of a subleasehold interest,
consideration shall include, but not be limited to, the value of the
sublease rental payments attributable to the use and occupancy of the
real property, the value of any amount paid for an option to renew and
the value of rental or other payments attributable to the exercise of
any option to renew less the value of the remaining prime lease rental
payments required to be made.

(c) In the case of a controlling interest in any entity that owns real
property, consideration shall mean the fair market value of the real
property or interest therein, apportioned based on the percentage of the
ownership interest transferred or acquired in the entity.

(d) In the case of an assignment or surrender of a leasehold interest
or the assignment or surrender of an option or contract to purchase real
property, consideration shall not include the value of the remaining
rental payments required to be made pursuant to the terms of such lease
or the amount to be paid for the real property pursuant to the terms of
the option or contract being assigned or surrendered.

(e) In the case of (1) the original conveyance of shares of stock in a
cooperative housing corporation in connection with the grant or transfer
of a proprietary leasehold by the cooperative corporation or cooperative
plan sponsor and (2) the subsequent conveyance by the owner thereof of
such stock in a cooperative housing corporation in connection with the
grant or transfer of a proprietary leasehold for a cooperative unit
other than an individual residential unit, consideration shall include a
proportionate share of the unpaid principal of any mortgage on the real
property of the cooperative housing corporation comprising the
cooperative dwelling or dwellings. Such share shall be determined by
multiplying the total unpaid principal of the mortgage by a fraction,
the numerator of which shall be the number of shares of stock being
conveyed in the cooperative housing corporation in connection with the
grant or transfer of a proprietary leasehold and the denominator of
which shall be the total number of shares of stock in the cooperative
housing corporation.

5. "Conveyance" means the transfer or transfers of any interest in
real property by any method, including but not limited to, sale,
exchange, assignment, surrender, mortgage foreclosure, transfer in lieu
of foreclosure, option, trust indenture, taking by eminent domain,
conveyance upon liquidation or by a receiver, or transfer or acquisition
of a controlling interest in any entity with an interest in real
property. Transfer of an interest in real property shall include the
creation of a leasehold or sublease only where (a) the sum of the term
of the lease or sublease and any options for renewal exceeds forty-nine
years, (b) substantial capital improvements are or may be made by or for
the benefit of the lessee or sublessee, and (c) the lease or sublease is
for substantially all of the premises constituting the real property.
Notwithstanding the foregoing, conveyance of real property shall not
include the creation, modification, extension, spreading, severance,
consolidation, assignment, transfer, release or satisfaction of a
mortgage; a mortgage subordination agreement, a mortgage severance
agreement, an instrument given to perfect or correct a recorded
mortgage; or a release of lien of tax pursuant to this chapter or the
internal revenue code.

6. "Interest in the real property" includes title in fee, a leasehold
interest, a beneficial interest, an encumbrance, development rights, air
space and air rights, or any other interest with the right to use or
occupancy of real property or the right to receive rents, profits or
other income derived from real property. It shall also include an option
or contract to purchase real property. It shall not include a right of
first refusal to purchase real property.

7. "Grantor" means the person making the conveyance of real property
or interest therein. Where the conveyance consists of a transfer or an
acquisition of a controlling interest in an entity with an interest in
real property, "grantor" means the entity with an interest in real
property or a shareholder or partner transferring stock or partnership
interest.

8. "Grantee" means the person who obtains real property or interest
therein as a result of a conveyance.

9. "Recording officer" means the county clerk of the county of
Cortland.

10. "Treasurer" means the chief fiscal officer of the county of
Cortland.

* NB Repealed October 25, 2030