New Jersey § 55:19-87

§ 55:19-87.

a. Any owner may defend against a complaint filed pursuant to section 7 of P.L.2003, c. 210 ( C.55:19-84 ) by submitting a plan for the rehabilitation and reuse of the property which is the

subject of the complaint and by posting a bond equal to 125 percent of the amount

determined by the public officer or the court to be the projected cost of rehabilitation. Any plan submitted by an owner to defend against a complaint shall be submitted within

60 days after the complaint has been filed, unless the court provides the owner with

an extension of time for good cause shown. b. A plan submitted by an owner pursuant to this section shall include, but not be

limited to: (1) A detailed financial feasibility analysis, including documentation of the economic

feasibility of the proposed reuse, including operating budgets or resale prices, or

both, as appropriate; (2) A budget for the rehabilitation of the property, including sources and uses of

funds, based on the terms and conditions of realistically available financing, including

grants and loans; (3) A timetable for the completion of rehabilitation and reuse of the property, including

milestones for performance of major steps leading to and encompassing the rehabilitation

and reuse of the property; and (4) Documentation of the qualifications of the individuals and firms that will be

engaged to carry out the planning, design, financial packaging, construction, and

marketing or rental of the property. c. (1) The court shall approve any plan that, in the judgment of the court, is realistic

and likely to result in the expeditious rehabilitation and reuse of the property which

is the subject of the complaint. (2) If the court approves the owner's plan, then it may appoint the public officer

to act as monitor of the owner's compliance. If the owner fails to carry out any step in the approved plan, then the municipality

may apply to the court to have the owner's bond forfeited, possession of the building

transferred to the municipality to complete the rehabilitation plan and authorization

to use the bond proceeds for rehabilitation of the property. (3) The owner shall provide quarterly reports to the municipality on its activities

and progress toward rehabilitation and reuse of the property. The owner shall provide those reports to the court on its activities that the court

determines are necessary. d. The court may reject a plan and bond if it finds that the plan does not represent

a realistic and expeditious means of ensuring the rehabilitation of the property or

that the owner or his representatives or agents, or both, lack the qualifications,

background or other criteria necessary to ensure that the plan will be carried out

successfully.