N.J. DCA Landlord/Tenant Information Series — Mobile Home Park Leasehold Communities Law

Citation
N.J. DCA Landlord/Tenant Information Series — Mobile Home Park Leasehold Communities Law
Jurisdiction
New Jersey (state)
Source
Official source
Original Source
https://www.nj.gov/dca/codes/publications/pdf_lti/mobile_hm_pk.pdf ↗

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Full Text

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b. The affected homeowners, by and through an association duly formed in accordance
with section 6 of this act, shall have the right to purchase such land, provided two-thirds of the
unit owners in the private residential leasehold community have approved the purchase, and
further provided that the homeowners meet the price and terms and conditions of the private
residential leasehold community landowner by executing a contract with the landowner within
45 days of being notified under subsection a., except as an extension of time may be mutually
agreed upon by the landowner and the association; provided, however, that if there is no
homeowners' association at the time a private residential leasehold community landowner offers
private residential leasehold community land for sale and the landowner notifies homeowners
individually as required under subsection b. of section 6 of this act, the period within which the
terms and conditions of the private residential leasehold community landowner may be met by
execution of a contract between the landowner and a homeowners' association shall be 60 days
from the date of the notification of individual homeowners and at any time after notification to
the landowner that a homeowners' association has been formed, in accordance with the
provisions of subsection a. of section 7 of this act. If a contract between the landowner and the
association is not executed within that extension period, then, unless the landowner thereafter
elects to offer the land at the same price or at a lower price than specified in his notice to the
directors or trustees of the association, he shall have no further obligations under this subsection,
and his only obligation shall be as set forth in section 3 of this act.