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

1,579 chars 
d. An association shall maintain financial records in accordance with generally
accepted accounting standards and principles. The records shall be open to inspection by
association members or their authorized representatives at reasonable times, and written
summaries of such records shall be supplied at least annually to the members or their authorized
representatives. The failure of the association to permit inspection of its accounting records by
members or their authorized representatives entitles any persons prevailing in an enforcement
action to recover reasonable attorney's fees from the person in control of the books and records
who, directly or indirectly, knowingly denied access to the books and records for inspection.
The records shall include, but not be limited to:

(1) A record of all receipts and expenditures.

(2) An account for each member, designating the name and current mailing address of
the member, the amount of each assessment, the dates on which and amounts in which the
assessments come due, the amount paid on the account, and the balance due.

e. An association has the power to purchase, acquire, hold, lease, mortgage and convey
any proprietary interest in or affecting the land of the private residential leasehold community.

f. An association shall use its best efforts to obtain and maintain adequate insurance to
protect the association and the property upon purchase of the private residential leasehold
community. A copy of each policy of insurance in effect shall be made available for inspection
by members at reasonable times.