New Jersey Statutes 5:10A-25. Provisions of agreements, leases, deeds, other instruments
Current as of: 2023 | Check for updates
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Terms Used In New Jersey Statutes 5:10A-25
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
25. All agreements, leases, deeds, and other instruments between the commission and a redeveloper shall contain, at least, the following provisions:
a. A covenant running with the land to the effect that the land, and any buildings or improvements thereon, shall be used only for the purposes designated in the redevelopment plan;
b. A provision that the redeveloper shall be without power to sell, lease, or otherwise transfer the redevelopment area or project, or any part thereof, without the prior written consent of the commission; and
c. Any other covenants, provisions, and continuing controls as may be deemed necessary to effectuate the purposes of sections 1 through 68 of P.L.2015, c.19 (C. 5:10A-1 through C. 5:10A-68), including, but not limited to, deed restrictions or easements to promote environmental and ecological sustainability.
L.2015, c.19, s.25.