New Jersey § 55:18-8
Full text of New Jersey New Jersey Statutes § 55:18-8, with citation guidance and answers to common questions.
§ 55:18-8.
Upon expiration of a lease entered into under authority of this act: a. If the lessee exercises an option to purchase, the municipality shall be entitled
to the fair market value of the property and structure, as determined at the time
of execution of the lease, plus interest on such value. b. If the lessee declines to exercise such option, or to request or accept renewal
of the lease on mutually agreeable terms, the property shall revert to the possession
of the municipality, which may thereupon negotiate a lease or purchase with another
housing corporation or resident first-time homebuyer under applicable terms and conditions
authorized by this act. c. (1) Upon sale of a property by the municipality under subsection b. of this section,
any fund accumulated pursuant to section 8 of this act 1 may be applied by the purchaser against the purchase price. (2) Upon lease of a property by the municipality under subsection b. of this section,
any fund accumulated pursuant to section 8 of this act 1 shall be treated as in a renewal of lease by the original lessee, and the new lessee
shall succeed to all the rights therein of the original lessee. 1
Probably should read “N.J.S.A. § 7”.
Frequently Asked Questions About New Jersey § 55:18-8
What does New Jersey Statutes § 55:18-8 cover?
Section 55:18-8 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 § 55:18-8?
A common citation format is "New Jersey Statutes § 55:18-8" (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 § 55:18-8 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.