New Jersey § 2a:42-140

§ 2a:42-140.

Upon request of a party in interest or the receiver, the court may order the termination

of the receivership if it determines: a. The conditions that were the grounds for the complaint and all other code violations

have been abated or corrected, the obligations, expenses and improvements of the receivership,

including all fees and expenses of the receiver, have been fully paid or provided

for and the purposes of the receivership have been fulfilled; b. (1) The mortgage holder or lienholder has requested the receivership be terminated

and has provided adequate assurances to the court that any remaining code violations

or conditions that constituted grounds for the complaint will be promptly abated,

the obligations, expenses and improvements of the receivership, including all fees

and expenses of the receiver, have been fully paid or provided for and the purposes

of the receivership have been or will promptly be fulfilled; (2) Any sums incurred or advanced by a mortgage holder or lien-holder pursuant to

this section, including court costs and reasonable attorney's fees, may be added to

the unpaid balance due the mortgage holder or lienholder, with interest calculated

at the same rate set forth in the note or security agreement. c. (1) A new owner who was formerly a mortgage holder or lienholder and who has obtained

the property through foreclosure or through grant of a deed in lieu of foreclosure

has requested that the receivership be terminated and has provided adequate assurances

to the court that any remaining code violations or conditions that constituted grounds

for the complaint will be promptly abated, the obligations, expenses and improvements

of the receivership, including all fees and expenses of the receiver, have been fully

paid or provided for and the purposes of the receivership have been or will promptly

be fulfilled; (2) The former owner of the property shall be personally liable for payment to the

new owner of any costs incurred by the new owner to cover the obligations, expenses

and improvements of the receiver. d. The building has been sold and the proceeds distributed in accordance with section

23 of P.L.2003, c. 295 ( C.2A:42-136 ); or e. The receiver has been unable after diligent effort to present a plan that can appropriately

be approved by the court or is unable to implement a plan previously approved by the

court or is unable for other reason to fulfill the purposes of the receivership. In all cases under this section, the court may impose such conditions on the owner

or other entity taking control of the building upon the termination of receivership

that the court deems necessary and desirable in the interest of the tenants and the

neighborhood in which the building is located, including but not limited to those

that may be imposed on the owner under section 25 of P.L.2003, c. 295 ( C.2A:42-138 ); except that a new owner who was formerly a mortgage holder or lienholder, or an

affiliate thereof, and which has obtained the property through foreclosure or through

grant of a deed in lieu of foreclosure and who demonstrates sufficient financial responsibility

to the court shall not be required to post a bond.