Section 1449-AAAAA. 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
  Tompkins. 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
  Tompkins.
    10.  "Treasurer"  means  the  commissioner of finance of the county of
  Tompkins.