New Jersey § 55:17-9

§ 55:17-9.

For the purposes of this act, the following terms shall have the designated meanings: (a) “ Lease or financial agreement ” means any contractual arrangement between a governmental body or agency and some

other person, pursuant to applicable statute, which is calculated to render financially

feasible the undertaking of any project for redevelopment, renewal or rehabilitation,

and shall include without limitation the granting of exemption from taxes, the payment

of moneys for charges in lieu of taxes, and any other arrangement to assist in the

realization of a project. (b) “ Governmental body or agency ” means any governmental body or agency of the United States, of this State or of

any subdivision thereof, which may be a party to or participant in any project. (c) “ Project ” means any undertaking, whether of one or more units, which is the subject of any

lease or financial arrangement for redevelopment, renewal or rehabilitation. (d) “Holder of a mortgage loan” means any person, association or corporation advancing

funds, either for construction loans or for temporary or permanent financing, in respect

to lands, improvements or both which constitute a project or part of a project. (e) “Mortgagor” means any person, association or corporation having an interest in

a project which is subject to a mortgage loan, whether or not the original mortgagor

or a successor or assignee subject to the mortgage. (f) “Default or foreclosure” means any event entitling the holder of the mortgage

loan to pursue any one or more remedies available under this act or by other law or

by contract, without regard to whether a traditional foreclosure or strict foreclosure

occurs in fact.