New Jersey § 40a:20-10
Full text of New Jersey New Jersey Statutes § 40a:20-10, with citation guidance and answers to common questions.
§ 40a:20-10.
The financial agreement may provide: a. That the municipality will consent to a sale of the project by the urban renewal
entity to another urban renewal entity organized under P.L.1991, c. 431 ( C.40A:20-1 et seq. ) , their successors, assigns, all owning no other project at the time of the transfer
and that, upon assumption by the transferee urban renewal entity of the transferor's
obligations under the financial agreement, the tax exemption of the improvements thereto and, to the extent authorized pursuant to section 12 of P.L.1991, c. 431 ( C.40A:20-12 ), land shall continue and inure to the transferee urban renewal entity, its respective successors
or assigns. b. That the municipality will consent to a sale of the project to purchasers of units
in the condominium if the project or any portion thereof has been devoted to condominium
ownership, and to their successors, assigns, all owning (in the case of housing) no
other condominium unit of a project at the time of the transfer, and that, upon assumption
by the condominium unit purchaser of the transferor's obligations under the financial
agreement, the tax exemption of the project buildings and improvements and, to the extent authorized pursuant to section
12 of P.L.1991, c. 431 ( C.40A:20-12 ), land shall continue and inure to the unit purchaser, his respective successors or assigns. c. That the municipality will consent to a sale of the project to purchasers of units
in fee simple, if the project or any portion thereof has been devoted to fee simple
ownership, and to their successors, assigns, all owning (in the case of housing) no
other fee simple unit of a project at the time of the transfer, and that, upon assumption
by the fee simple unit purchaser of the transferor's obligations under the financial
agreement, the tax exemption of the project buildings and improvements and, to the extent authorized pursuant to section
12 of P.L.1991, c. 431 ( C.40A:20-12 ), land shall continue and inure to the fee simple unit purchaser, his respective successors
or assigns. The provisions of this subsection shall not be construed to authorize the sale of
a project between an urban renewal entity and a for-profit developer. d. Any financial agreement which provides for consent pursuant to subsection a., b.
or c. of this section may allow the municipality to levy an administrative fee, not
to exceed two percent of the annual service charge, for the processing of any such
request for the continuation of a tax exemption.
Frequently Asked Questions About New Jersey § 40a:20-10
What does New Jersey Statutes § 40a:20-10 cover?
Section 40a:20-10 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 40a:20-10?
A common citation format is "New Jersey Statutes § 40a:20-10" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 40a:20-10 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.