New Jersey § 40a:12a-9

§ 40a:12a-9.

a. All agreements, leases, deeds and other instruments from or between a municipality

or redevelopment entity and to or with a redeveloper shall contain a covenant running

with the land requiring that the owner shall construct only the uses established in

the current redevelopment plan; a provision requiring the redeveloper to begin the

building of the improvements for those uses within a period of time which the municipality

or redevelopment entity fixes as reasonable; a provision that the redeveloper shall

be without power to sell, lease or otherwise transfer the redevelopment area or project,

or any part thereof, without the written consent of the municipality or redevelopment

entity; a provision that upon completion of the required improvements, the conditions

determined to exist at the time the area was determined to be in need of redevelopment

shall be deemed to no longer exist, and the land and improvements thereon shall no

longer be subject to eminent domain as a result of those determinations; and any

other covenants, provisions and continuing controls as may be deemed necessary to

effectuate the purposes of this act. The aforesaid covenants, provisions and controls shall be deemed satisfied upon

termination of the agreements and covenants entered into by the redeveloper to construct

the improvements and to perform the redevelopment. The rights of any third party acquired prior to termination of the agreements, including,

but not limited to, any tax exemption or abatement granted pursuant to law, shall

not be negatively affected by termination and satisfaction of the covenants. b. A lease to a redeveloper may provide that all improvements shall become the property

of the municipality or redevelopment entity. The execution of a lease with that provision shall not impose upon the municipality

or redevelopment entity any liability for the financing, construction, management

or operation of any redevelopment project, or any part thereof.