New Jersey § 2a:42-123

§ 2a:42-123.

a. If the court determines, after its summary hearing, that the grounds for relief

set forth pursuant to section 5 of P.L.2003, c. 295 ( C.2A:42-118 ) have been established, the court may appoint a receiver and grant such other relief

as may be determined to be necessary and appropriate. The court shall select as the receiver the mortgageholder, lienholder or a qualified

entity, as defined pursuant to section 3 of P.L.2003, c. 295 ( C.2A:42-116 ). If the court cannot identify a receiver, the court may appoint any party who, in

the judgment of the court, may not have registered with the department pursuant to

section 31 of P.L.2003, c. 295 ( C.2A:42-142 ), but otherwise fulfills the qualifications of a qualified entity. b. If the court determines, after its summary hearing, that the grounds for relief

set forth pursuant to section 5 of P.L.2003, c. 295 ( C.2A:42-118 ) have been established, but the owner presents a plan in writing to the court demonstrating

that the conditions leading to the filing of the complaint will be abated within a

reasonable period, which plan is found by the court to be reasonable, then the court

may enter an order providing that in the event the conditions are not abated by a

specific date, including the completion of specific remedial activities by specific

dates, or if the conditions recur within a specific period established by the court,

then an order granting the relief as requested in the complaint shall be granted. The court may require the owner to post a bond in such amount that the court, in consultation

with the party bringing the complaint and the public officer, determines to be reasonable,

which shall be forfeit if the owner fails to meet the conditions of the order. c. Any sums advanced or incurred by a mortgage holder or lienholder acting as receiver

pursuant to this section for the purpose of making improvements to the property, including

court costs and reasonable attorneys fees, may be added to the unpaid balance due

said mortgage holder or lienholder subject to interest at the same rate set forth

in the note or security agreement. d. Nothing in this section shall be deemed to relieve the owner of the building of

any obligation the owner or any other person may have for the payment of taxes or

other municipal liens and charges, or mortgages or liens to any party, whether those

taxes, charges or liens are incurred before or after the appointment of the receiver. e. The appointment of a receiver shall not suspend any obligation the owner may have

as of the date of the appointment of the receiver for payment of any operating or

maintenance expense associated with the building, whether or not billed at the time

of appointment. Any such expenses incurred after the appointment of the receiver shall be the responsibility

of the receiver.