(a) The landlord and tenant in occupancy may voluntarily enter into a valid written lease, on or after August 1, 1970, in good faith with respect to any housing accommodation, which provides for an increase in the maximum rent on the basis of specified increased services, furniture, furnishings or equipment having a market value commensurate with the increased rent, which is not in excess of 15 percent of the maximum rent in effect on the date of execution of such lease, and the lease is for a term of not less than two years. No increase pursuant to this section shall be authorized with respect to a housing accommodation for which an increase has been effected, pursuant to section 2201.3(c) of this Title, on the basis of a vacancy of the housing accommodation until January 1, 1972, or one year after such increase has become effective as a result of such vacancy, whichever date comes later. No increase shall be authorized unless a report of lease is filed as required by subdivision (d) of this section, or such report has been otherwise accepted by the administrator. Such lease or such lease report:

1. (1) contains a certification by the landlord that he is maintaining all essential services furnished or required to be furnished as of the date determining the maximum rent, and will continue to maintain such services so long as the increase in maximum rent continues in effect;
2. (2) gives the landlord no right of cancellation of said lease inconsistent with the provisions of these regulations;

3. (3) does not provide for the payment by the tenant of any rent in excess of the amount therein provided, unless the maximum rent is thereafter increased:

   1. (i) by order of the administrator pursuant to section 2202.4(a) of this Part; or
   2. (ii) pursuant to subdivision (b), (c), (d) or (e) of such section, where the improvement or substantial rehabilitation of the building or housing accommodations therein was either completed or in progress when such lease was executed; or
   3. (iii) pursuant to a pending application for a financial adjustment of the maximum rents for the subject building pursuant to section 2201.3 of this Title, or section 2202.8, 2202.9, 2202.10 or 2202.11 of this Part; or
   4. (iv) pursuant to a deferred financial adjustment order which was not fully effective; and
4. (4) gives the tenant the right to cancel such lease at any time after the expiration of the first two years thereof, by giving the landlord at least 30 days' notice in writing, by registered or certified mail of his intention to cancel such lease and surrender possession of the housing accommodations.

(b) Where a maximum rent was established by the execution of a lease pursuant to the provisions of this section, it may not thereafter be increased by a subsequent lease executed with the same tenant pursuant to this section, except:

1. (1) by a subsequent written lease in accordance with subdivision (a) of this section, where the rent provided by such subsequent lease does not result in an increase of more than 15 percent over the maximum rent in effect prior to the execution of the original lease, exclusive of adjustments ordered by the administrator; or
2. (2) where, after the expiration of the term of the original lease, or in a case where the original lease is terminated after the expiration of the first two years of its term, a new written lease may be entered into in accordance with such subdivision (a) of this section; or
3. (3) where the original lease is terminated after the expiration of the first year of its term, in which event a new written lease in accordance with such subdivision (a) of this section may be entered into for a term of not less than the unexpired remainder of the first two years of the original lease plus two years, and providing for an increase commencing with the expiration of the first two years of the original lease, which increase shall not exceed 15 percent over the maximum rent in effect on the effective date of such new lease.