Section 5706. Restrictions on alienation of property

That portion of said
  university grounds, which was the original gift  of  about  two  hundred
  acres  of land made by Ezra Cornell and at that time located in the town
  of Ithaca in the county of Tompkins, shall not be encumbered, aliened or
  otherwise disposed of by the said trustees,  or  by  any  other  person,
  except  on  terms such as the legislature of the state of New York shall
  have approved, and any act of the said trustees, or that  of  any  other
  person which shall have that effect, shall be void; except, that Cornell
  University  is hereby authorized to mortgage, or convey such part of the
  aforesaid lands of said university as it may deem necessary to enable it
  to obtain needed loans, advances, or financing for the construction of a
  housing unit including all necessary and  usual  attendant  and  related
  facilities  and  equipment  erected for the use of students, an academic
  building, library, laboratory, classroom or other building or  structure
  essential,  necessary  or useful for instruction in the academic program
  upon the following terms:
    (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.