§ 13-06 Written Agreement and Condition of Stay.
RCNY § 13-06
(a)In the event the Department determines that a stay could appropriately be granted to the new owner, the Department shall require the new owner to execute an agreement prepared by the Department which shall set forth an exact schedule of removal of all violations for which the new owner is seeking a stay and in which the new owner acknowledges his or her responsibility to correct each violation by those dates. Such agreement may also: (1) require the new owner to take a particular course of action to correct specified violations; (2) require a new owner to deposit the rental income of the subject building into an escrow account from which expenditures for scheduled repairs are made; and (3) may contain other conditions, as the Department finds appropriate, including repayment of Emergency Repair Program expenditures.
(b)In the event the Department determines, after consideration of information described in 28 RCNY § 13-04, that a stay might be granted but that a further assurance of violation removal is required from the new owner, a stay may be granted on the condition that the new owner accept service of a summons and complaint or a summons with notations and agree to allow the agreement described in 28 RCNY § 13-06(a) above to be entered in the New York City Civil Court as an order of that court.
(c)If the Department reasonably concludes from the data submitted that the new owner will acquire additional funds, or may be able to acquire the necessary financing from a particular lending institution or type of lending institution to which the new owner has not applied, the Department may require the new owner to make one or more applications for such financing as a condition precedent to the granting of a stay. The Department shall grant an interim stay sufficient in length for a reply, in the ordinary course of business, to any such application upon the condition that the new owner shall inform the Department of such a reply within five (5) days of its receipt. The Department shall make a final determination as to whether a stay shall be granted upon receiving such information or upon an expiration of the interim stay.
