New Jersey Statutes 46:8B-35. Lease of parking, recreational or other common facility or area for over 20 years; option to renew or purchase
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Terms Used In New Jersey Statutes 46:8B-35
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
When any parking, recreational or other common facility or area has been leased for the use of the unit owners of a condominium for 20 years or more, the condominium association or the condominium unit owners shall have the option of renewing the lease on the parking, recreational or other common facility or area or of buying such facility or area and subject real property at a conscionable price.
L.1979, c. 297, s. 5, eff. Jan. 17, 1980.