* § 1449-aa. Definitions. When used in this article, unless otherwise\nexpressly stated, the following words and terms shall have the following\nmeanings:\n 1. "Person" means an individual, partnership, limited liability\ncompany, society, association, joint stock company, corporation, estate,\nreceiver, trustee, assignee, referee or any other person acting in a\nfiduciary or representative capacity, whether appointed by a court or\notherwise, any combination of individuals, and any other form of\nunincorporated enterprise owned or conducted by two or more persons.\n 2. "Controlling interest" means (a) in the case of a corporation,\neither fifty percent or more of the total combined voting power of all\nclasses of stock of such corporation, or fifty percent or more of the\ncapital, profits or beneficial interest in such voting stock of such\ncorporation, and (b) in the case of a partnership, association, trust or\nother entity, fifty percent or more of the capital, profits or\nbeneficial interest in such partnership, association, trust or other\nentity.\n 3. "Real property" means every estate or right, legal or equitable,\npresent or future, vested or contingent, in lands, tenements or\nhereditaments, including buildings, structures and other improvements\nthereon, which are located in whole or in part within any town in the\nPeconic Bay region. It shall not include rights to sepulture.\n 4. "Consideration" means the price actually paid or required to be\npaid for the real property or interest therein, including payment for an\noption or contract to purchase real property, whether or not expressed\nin the deed and whether paid or required to be paid by money, property,\nor any other thing of value. It shall include the cancellation or\ndischarge of an indebtedness or obligation. It shall also include the\namount of any mortgage, purchase money mortgage, lien or other\nencumbrance, whether or not the underlying indebtedness is assumed or\ntaken subject to.\n (a) In the case of a creation of a leasehold interest or the granting\nof an option with use and occupancy of real property, consideration\nshall include, but not be limited to, the value of the rental and other\npayments attributable to the use and occupancy of the real property or\ninterest therein, the value of any amount paid for an option to purchase\nor renew and the value of rental or other payments attributable to the\nexercise of any option to renew.\n (b) In the case of a creation of a subleasehold interest,\nconsideration shall include, but not be limited to, the value of the\nsublease rental payments attributable to the use and occupancy of the\nreal property, the value of any amount paid for an option to renew and\nthe value of rental or other payments attributable to the exercise of\nany option to renew less the value of the remaining prime lease rental\npayments required to be made.\n (c) In the case of a controlling interest in any entity that owns real\nproperty, consideration shall mean the fair market value of the real\nproperty or interest therein, apportioned based on the percentage of the\nownership interest transferred or acquired in the entity.\n (d) In the case of an assignment or surrender of a leasehold interest\nor the assignment or surrender of an option or contract to purchase real\nproperty, consideration shall not include the value of the remaining\nrental payments required to be made pursuant to the terms of such lease\nor the amount to be paid for the real property pursuant to the terms of\nthe option or contract being assigned or surrendered.\n (e) In the case of (1) the original conveyance of shares of stock in a\ncooperative housing corporation in connection with the grant or transfer\nof a proprietary leasehold by the cooperative corporation or cooperative\nplan sponsor, and (2) the subsequent conveyance by the owner thereof of\nsuch stock in a cooperative housing corporation in connection with the\ngrant or transfer of a propr
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