New Jersey § 46:8b-23

§ 46:8b-23.

Notwithstanding any other provision of this act, if the master deed or by-laws so

permit, the entire condominium property, or some or all of the units included therein

(together with the undivided interests in common elements and limited common elements

appurtenant to such units) may be subject to a single or blanket mortgage constituting

a first lien thereon created by recordable instrument by all of the owners of the

property or units covered thereby; and any unit included under the lien of such mortgage

may be sold or otherwise conveyed or transferred subject thereto. The instrument creating any such mortgage shall provide a method whereby any unit

owner may obtain a release of his unit (together with the undivided interest in common

elements and limited common elements if any, appurtenant thereto) from the lien of

such mortgage and a satisfaction and discharge in recordable form, upon payment to

the holder of the mortgage of a sum equal to the proportionate share attributable

to his unit of the then outstanding balance of unpaid principal and accrued interest

and any other charges then due and unpaid. Such proportionate share attributable to each unit shall be the proportion in which

all units then subject to the lien of the mortgage share among themselves in liability

for common expenses as provided in the master deed or such other reasonable proportion

as shall be specifically provided in the mortgage instrument.