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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c. Not later than the 30th day next following its receipt of offering terms pursuant to
subsection b. of this section, or following a period of extension agreed to by the committee and
the landowner, the committee appointed pursuant to subsection b. of this section shall report to
the board of directors or trustees of the homeowners' association the price and other material
terms upon which the private residential leasehold community landowner has agreed to sell the
private residential leasehold community land to the association. In the absence of any agreement
between the landowner and the committee, the landowner shall be deemed to agree to such sale
upon the identical terms communicated by him to the committee pursuant to subsection a. of this
section. The report of the committee shall include such supporting data and documentation as
the committee and the landowner have agreed upon to be so submitted and authorized to be
disclosed. The price and other terms so agreed upon and reported shall be binding upon the
landowner for 10 days next following the submission of the committee's report, and if agreed to
by the board of directors or trustees of the homeowners' association and consented to by two-
thirds of the homeowners in that private residential leasehold community land shall constitute a
contract of sale.