reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8C-5 - Waiver of provisions of act by agreement; invalidity

46:8C-5. Waiver of provisions of act by agreement; invalidity
Any provision of a lease or other agreement whereby any provision of this act is waived shall be deemed against public policy and shall be void.
L.1973, c. 153, s. 5.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8C-6 - Severability

46:8C-6. Severability
If any provision of this act or the application of such provision to any person or circumstance is declared invalid, such invalidity shall not affect other provisions or applications of this act which can be given effect; and, to this end, the provisions of this act are declared to be severable.
L.1973, c. 153, s. 6.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8C-8 - Regulation and licensing by municipality; ordinance

46:8C-8. Regulation and licensing by municipality; ordinance
In addition to the powers set forth in R.S. 40:52-1, the governing body of a municipality may, by ordinance, provide for the regulation and licensing of mobile home parks.
L.1983, c. 399, s. 1, eff. Jan. 1, 1984.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8C-9 - Sale of first mobile home located on each site to be leased within park

46:8C-9. Sale of first mobile home located on each site to be leased within park
The mobile home park owner or operator may sell the first mobile home to be located on each site to be leased within the mobile home park.
L.1983, c. 399, s. 2, eff. Jan. 1, 1984.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8C-11 - Rights of homeowners on offer for sale

46:8C-11. Rights of homeowners on offer for sale
2. a. If a private residential leasehold community landowner offers private residential leasehold community land for sale, he shall notify the board of directors of the homeowners' association created pursuant to this act of his offer, stating the price and the terms and conditions of sale.
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.
c. If 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 pursuant to subsection a. of this section, the homeowners, by and through the association, shall have an additional 10 days after receipt of that offer to meet the price and terms of conditions of the landowner by executing a contract; provided, however, that if more than three months have elapsed since the receipt by the homeowners' association of the previous offer to sell the land under this subsection, the association shall have 30 days after receipt of the subsequent offer to meet the price and terms of conditions of the landowner by executing a contract.
L.1991,c.483,s.2; amended 1995,c.365,s.2.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8C-13 - Rights not applicable to certain sales, etc.

46:8C-13. Rights not applicable to certain sales, etc.
4. The provisions of sections 2 and 3 of this act shall not apply to:
a. Any sale or transfer of the property of a private residential leasehold community which is not made in contemplation of changing that property to a use or uses other than as a private residential leasehold community.
b. Any sale or transfer to a person who would be included within the table of descent and distribution if the landowner were to die intestate.
c. Any transfer by gift, devise, or operation of law.
d. Any transfer by a corporation to an affiliate. As used herein, "affiliate" means (1) any shareholder exercising control, or control through attribution as defined under section 318 of the Internal Revenue Code, of the transferring corporation; (2) any corporation or entity owned or controlled, directly or indirectly, by the transferring corporation; or (3) any other corporation or entity owned or controlled, directly or indirectly, by any shareholder of the transferring corporation. For the purposes of this subsection, control shall mean control as defined in section 304 of the Internal Revenue Code.
e. Any transfer by a partnership to any of its partners, whether general partners or limited partners, or partners or individuals to a corporation where the control of the corporation is substantially the same.
f. Any conveyance of an interest in a private residential leasehold community incidental to the financing of that community.
g. Any conveyance resulting from the foreclosure of a mortgage, deed of trust, or other instrument encumbering a private residential leasehold community, or any deed given in lieu of such foreclosure.
h. Any sale or transfer between or among joint tenants or tenants in common owning a private residential leasehold community.
i. The purchase of land of a private residential leasehold community by a governmental entity under its powers of eminent domain.
j. Any sale which occurs as a result of a condominium or cooperative conversion.
k. Any sale of real estate owned by the private residential leasehold community landowner which is adjacent to the private residential leasehold community land, but does not have appurtenant to it private residential leasehold sites or spaces or related recreational facilities.
L.1991,c.483,s.4; amended 1995,c.365,s.4.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8C-14 - Compliance as prerequisite to recording

46:8C-14. Compliance as prerequisite to recording
5. In addition to other prerequisites for recording, no deed evidencing transfer of title to a private residential leasehold community land shall be recorded in the office of any county recording officer unless, accompanying the application to transfer the title is an affidavit annexed thereto in which the owner of the private residential leasehold community certifies:
a. with reference to an offer by him for the sale of the land, he has complied with the provisions of section 2 of this act; or
b. with reference to an offer received by him for the purchase of the land, or with reference to a counter-offer which he has made or intends to make to such an offer, he has complied with the provisions of section 3 of this act; or
c. notwithstanding his compliance with section 2 or 3 of this act, as applicable, no contract has been executed for the sale of the land between himself and the homeowners' association; or
d. the provisions of sections 2 and 3 of this act are not applicable to a particular sale or transfer of the land by him, and compliance therewith is not required; or
e. a particular sale or transfer of the land is exempted from the provisions of sections 2 through 5 of this act.
L.1991,c.483,s.5; amended 1995,c.365,s.5.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8C-15 - Formation of association

46:8C-15. Formation of association
6. a. In order to exercise the rights provided in sections 2 and 3 of this act, the owners of homes in a private residential leasehold community shall form an association in compliance with this section and sections 7 and 8 of this act. Such an association shall be organized as a corporation or association either for profit or not for profit, upon the consent, in writing, of two-thirds of the owners of homes in the community to become members or shareholders therein. For the purposes of this act, whenever the consent of homeowners is required on any question, there shall be counted only one vote for each dwelling unit. Upon consent by two-thirds of the homeowners, all consenting homeowners shall become members of the association and shall be bound by the provisions of the articles of incorporation, the bylaws of the association, and such restrictions as may be properly promulgated pursuant thereto. Upon incorporation and service of the notice described in section 7 of this act, the association shall become the representative of the homeowners in all matters relating to the provisions of this act.
b. If at the time when a landowner determines to offer private residential leasehold community land for sale, or receives a bona fide offer from a prospective purchaser, there is no homeowners' association then in being in the private residential leasehold community, the landowner shall, at least 15 days before proceeding to make such offer of sale, or within 10 business days of receiving such a bona fide offer, as the case may be, notify in writing each owner of a home within the private residential leasehold community that he intends doing so. If, after receipt of such individual notices and within the period fixed by subsection b. of section 2 of this act for execution of a contract, a homeowners' association is formed pursuant to this act, the association so formed shall exercise and perform all the rights, duties and functions provided in this act on and from the day on which notification is made to the private residential leasehold community landowner pursuant to section 7 of this act.
L.1991,c.483,s.6; amended 1995,c.365,s.6.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8C-16 - Association notice to landowner, recording

46:8C-16. Association notice to landowner, recording
7. a. Upon receipt of its certificate of incorporation, or, if the homeowners' association does not incorporate, upon its establishment, the homeowners' association shall notify the landowner in writing of such incorporation, or establishment, as appropriate, and shall advise the landowner of the names and addresses of the officers of the homeowners' association by personal delivery upon the landowner or by certified mail, return receipt requested.
b. The homeowners' association shall file with the clerk of the county in which the private residential leasehold community is located a notice of its rights under sections 2 and 3 of this act. The notice shall contain the name of the association, the name of the landowner, and the address or legal description of the land. Within 10 days of the recording of the notice, the association shall provide a copy of the recorded notice to the landowner, at the address provided by the landowner, by certified mail, return receipt requested.
L.1991,c.483,s.7; amended 1995,c.365,s.7.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8C-17 - Purpose of association

46:8C-17. Purpose of association
8. a. The articles of incorporation of a homeowners' association or the bylaws of any unincorporated homeowners' association formed under this act shall provide:
(1) that the association has the power to negotiate for, acquire, and operate the private residential leasehold community on behalf of the homeowners; and
(2) that the association has the power to convert the private residential leasehold community, once acquired by the homeowners, to a condominium, a cooperative, or other type of ownership.
b. Upon acquisition of the property, the association shall be the entity that creates a condominium, or offers condominium parcels for sale or lease in the ordinary course of business, or, if the homeowners choose a different form of ownership, the entity that owns the record interest in the property and is responsible for the operation of property; provided, however, that if the association converts the private residential leasehold community to a cooperative, an election shall be held within 30 days following the establishment of the cooperative to elect a board of directors of the cooperative.
L.1991,c.483,s.8; amended 1995,c.365,s.8.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8C-20 - Duties of private residential leasehold community owner

46:8C-20. Duties of private residential leasehold community owner
11. The owner of the private residential leasehold community land shall notify in writing each owner of a home therein or, if a homeowners' association has been established under the provisions of this act, the directors or trustees of the association, of any application by the owner of the private residential leasehold community land for a variance within 10 days after the filing for such variance with the approving authority, if the granting of such variance would result in the removal of the homes or relocation of the homeowners residing in that private residential leasehold community.
L.1991,c.483,s.11; amended 1995,c.365,s.11.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8C-21 - Relocations, variances, certain, prohibited

46:8C-21. Relocations, variances, certain, prohibited
12. No agency of municipal, county or State government, or of any agency or instrumentality thereof, shall approve or take any other final action upon any application for a variance which would result in the removal of homes or relocation of homeowners residing in a private residential leasehold community, without first determining that adequate private residential facilities and circumstances exist for the relocation of those homeowners.
L.1991,c.483,s.12; amended 1995,c.365,s.12.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8D-2 - Findings, declarations

46:8D-2. Findings, declarations
The Legislature finds that issuance of proprietary real estate leases by cooperative corporations and other cooperative legal entities is becoming a popular practice in New Jersey which is usually accomplished by a ledger book transfer to the lessee of stock or another indicia of ownership of an interest in the cooperative corporation or other cooperative entity which owns the real estate and that there is no public record of the transaction. The Legislature further finds that this is a hybrid transaction which is not capable of classification entirely as realty or personalty but that the public perception of a cooperative unit is that it in some manner involves real estate; that members of the public seek protection in cooperative leasing transactions similar to those protections available in transactions for the purchase of real estate, namely, a public title record, title searches to guarantee security of title, freedom from easements or rights in unknown third parties, unpaid liens, unsatisfied judgments, unpaid taxes, freedom from municipal violations, title insurance and the equivalent of a mortgage where a cooperative unit is the asset to be pledged as security for the purchase loan. The Legislature declares that enabling legislation in the form of a cooperative recording act is desirable because it would provide a title registration system for cooperative units and would provide additional revenue to county recording offices and to the State of New Jersey by applying the Realty Transfer Tax to proprietary leases issued by cooperatives and assignments thereof which are not presently covered by that tax.
1987,c.381,s.2.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8D-5 - Plan of cooperative ownership

46:8D-5. Plan of cooperative ownership
A plan of cooperative ownership is created by recording in the office of the county recording officer of the county wherein the land is located a master declaration and master register of all cooperative units allocated for separate occupancy, each of which documents shall be executed and acknowledged by all owners of the land and shall set forth the matters required by sections 6 and 7 of this act.
1987, c. 381, s.5.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8D-6 - Master declaration

46:8D-6. Master declaration
The master declaration for a cooperative shall contain the following elements:
a. A legal description by metes and bounds and tax lot and block of the lands to be dedicated to the cooperative form of ownership.
b. A statement dedicating the land described in the master declaration to the cooperative form of ownership.
c. The name by which the cooperative is to be identified, which name shall include the word "Cooperative" or "Coop."
d. A copy of the recorded deed which vests ownership in the person who signs the master declaration to create the cooperative.
e. A copy of the certificate of incorporation or other organization form creating the association.
f. The bylaws which regulate the cooperative.
g. The master register containing the information required in section 7 of article 2 of this act.
h. A written description and architectural plans prepared to scale by an architect or engineer licensed in New Jersey which detail the improvements existing or to be erected on the lands to create the cooperative and identify the locations and dimensions of the common elements, limited common elements and each cooperative unit. The written description and architectural plans shall be signed, certified and scaled by an engineer or architect authorized to practice his profession in this State. The certification shall state that the description and plans are a correct and accurate representation of the improvements described and shown on the plans.
i. The number of votes which may be cast by each cooperative unit owner at any meeting of the cooperative unit owners.
j. A statement of existing financing which is a lien on the building and the manner in which the financing will be paid and discharged as a lien before or after closing of units.
k. A schedule of owners' percent of common elements which are part of their ownership of shares in the cooperative corporation and which represent their share of common expenses and common surplus.
l. Such other provisions, as may be desired, including but not limited to restrictions or limitations upon the use, occupancy, transfer, leasing or other disposition of any unit (if the restriction or limitation is otherwise permitted by law) and limitations upon the use of common elements.
m. A method of amending the master declaration which requires recording of any amendment in the same office as the master declaration before it becomes effective.
1987, c. 381, s.6.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8D-7 - Master register

46:8D-7. Master register
The master register shall contain the following elements:
a. Separate identification of each unit by distinctive letter, name or number or combination thereof.
b. The percent of common ownership representing each owner's proportionate undivided interest in the common elements; the interests shall be stated as percentages aggregating 100%.
c. The name and present address of each present owner and occupant of each identified unit.
1987, c. 381, s.7.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8D-9 - Lands in more than 1 county, state

46:8D-9. Lands in more than 1 county, state
Whenever a proposed cooperative plan involves lands located in more than one county or state, the proponent of the cooperative shall comply with requirements of this article by recording the documents in each county or state in which any portion of the lands is located.
1987, c. 381, s.9.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8D-10 - Amendments

46:8D-10. Amendments
The master declaration or master register may be amended in the manner set forth therein; provided that no amendment shall affect any cooperative unit unless the possessor of record thereof and the holders of record of any liens thereon join in the execution of the amendment or execute a consent thereto with the formalities of a deed.
1987, c. 381, s.10.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8D-11 - Contents of transfer document, short form memorandum

46:8D-11. Contents of transfer document, short form memorandum
The sale or transfer of a cooperative share by a proprietary lease or an assignment thereof or other like instrument is achieved by the recording of the transfer document or a short form memorandum thereof which is executed and acknowledged in recordable form and which contains the following information:
a. All information set forth in subsections a., b. and c. of section 7 of article 2 of this act and
b. The name of the cooperative as set forth in the master declaration and master register, the name of the political subdivision and county in which the property is located and a reference to the recording office, the book and page where the master declaration and master register and any amendment thereto are recorded.
c. The unit designation as set forth in the master declaration and register.
d. A reference to the last prior transfer of the unit, if previously transferred.
e. A statement of the proportionate undivided interest in the common elements appurtenant to the unit as set forth in the master declaration and master register or any amendments thereof.
f. The full name and address of the transferor and transferee of the unit.
g. An executed and acknowledged consent of the cooperative board of managers authorizing and approving the transfer or assignment.
h. The number of shares transferred.
i. A statement of the full consideration paid for the cooperative unit which includes the purchase price paid plus the amount derived from application of the percent of ownership held in conjunction with the unit to the unpaid balance of the fee or leasehold mortgage encumbering the entire structure as of the date of the transfer or assignment.
j. All other matters, consistent with this act, which the parties may deem appropriate.
1987, c. 381, s.11.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8D-12 - Recording of documents

46:8D-12. Recording of documents
The documents referred to in section 11 of this article shall be recorded in the office of the county recording office of the county wherein the land is located. The county clerk or register of deeds, as the case may be, hereinafter referred to as the "county recording officer" shall record the documents in the appropriate book for recording of real property instruments of the type presented plus the documents shall be recorded in the master register for the cooperative by indexing to the identified unit. The provisions of P.L. 1979, c. 406 (C. 46:16A-1 et seq.), commonly referred to as the "Real Property Notice of Settlement Act," are applicable. Each document submitted for recording shall be acknowledged, shall contain the name and signature of the person who prepared the document and shall otherwise be in form required for recordation of real estate documents.
1987, c. 381, s.12.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8D-13 - Recording, indexing fees

46:8D-13. Recording, indexing fees
The transferee shall pay the recording fees for each instrument. In addition, the county recording officer shall levy and collect from the transferor, a fee of $1.00 per page for indexing of the transfer in the master register for the cooperative.
1987,c.381, s.13.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8D-13.1 - Findings, declarations relative to rental housing and cooperatives; agreements, certain, unenforceable

46:8D-13.1. Findings, declarations relative to rental housing and cooperatives; agreements, certain, unenforceable
1. a. The Legislature finds and declares that it is in the public interest of the citizens of this State that the availability of rental housing be encouraged. Therefore restrictions imposed by certain cooperative agreements which unreasonably inhibit or prevent the holder of a proprietary lease to a cooperative unit from making the unit available for rental shall be contrary to the public policy of the State of New Jersey and shall be unenforceable.
b. Subsection a. of this section shall not apply to: any cooperative in which requirements limiting occupancy to holders of proprietary leases to units were established at the time that the cooperative was created, and which requirements were emphasized in the offering document as an absolute condition of ownership, and have been consistently and strictly enforced since that time, or which requirements were established upon the transfer of control of the association board from the developer to the holders of proprietary leases to units through properly amended bylaws which have been consistently and strictly enforced since the time of amendment .
c. Notwithstanding any provision of law to the contrary, in those cooperatives which meet the criteria of subsection b. and in which more than ten units are under one roof, when a unit is offered for sale at or below a sales price such that a sale will result in a return of any investment only, and the unit nevertheless remains unsold for four or more months, then the owner shall have the right , subject to the conditions in subsection d. of this section, to rent the unit for such a period of time until prevailing market conditions permit a sale which will allow recoupment of the investment in the unit. For the purposes of this subsection, investment shall include the purchase price, costs related to the acquisition of the property, and the costs of any improvements made to the property.
d. Nothing in this act shall prohibit a cooperative association from adopting reasonable rules necessary to protect the health, safety or interest of all of the owners, including rules based on lending policies of financial institutions pertaining to owner-occupancy ratios or from requiring a reasonable minimum term of leasehold, nor shall such associations be prohibited from requiring that all tenants comply with the properly adopted rules of the association which are applicable to other unit owners, including, but not limited to, rules relating to such matters as parking, pets, noise, and the number of permitted occupants per unit. A cooperative association which elects to screen tenants shall interview prospective tenants within seven days of the date of the submission of the tenant's name to the association.
Nothing in this act shall grant a tenant any additional rights or protected status under the laws applicable to eviction from rental premises.
L.1997,c.366,s.1.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8D-14 - Recording of financing statement security agreement, lien

46:8D-14. Recording of financing statement security agreement, lien
a. The lender of funds secured by a promissory note and pledge of the stock and proprietary lease of a cooperative unit shall record its lien by the method of recordation provided in the applicable statutes. If the secured transactions laws of N.J.S.12A:9-317 et seq. apply, the lender shall record its financing statement or security agreement in the office of the Secretary of State and the county recording office of the county in which any portion of the lands in which the cooperative unit is located.
b. In addition to the recording required pursuant to subsection a. of this section, the cooperative unit lender shall not have a perfected lien unless it records its lien in the master register for the cooperative in the county recording office of the county in which the cooperative unit is located. The lender shall pay to the county recording officer a fee of $1.00 per page for recording of its lien in the master register which shall be in addition to the recording fees applicable to regular recording of the documents.
L.1987,c.381,s.15; amended 2001, c.117, s.25.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8D-15 - Liens

46:8D-15. Liens
Any lien on a cooperative ownership interest is governed by the law designated in the instrument and selected by the lender for recordation of the lien. Any assignment, modification, release or discharge of the lien shall adhere to the recordation procedures set forth in the law selected by the lender; but each document or a summary memorandum thereof shall also be recorded in the master register for the cooperative at a recording fee of $1.00 per page.
1987, c. 381, s.16.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8D-16 - Deed of revocation

46:8D-16. Deed of revocation
Any cooperative property may be removed from the provisions of this act by a deed of revocation duly executed by all unit lessees or the sole owner of the property and the holders of all mortgages or other liens affecting all units and recorded in the master register.
1987, c. 381, s.17.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8D-17 - Resubmission permissible

46:8D-17. Resubmission permissible
The removal of any property from the provisions of this act shall not bar the resubmission of the property to the provisions of this act in the manner herein provided.
1987, c. 381, s.18.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:8D-18 - Adherence to definition of "cooperative"

46:8D-18. Adherence to definition of "cooperative"
a. The Department of Community Affairs shall not accept for registration as a cooperative under "The Planned Real Estate Development Full Disclosure Act," P.L. 1977, c. 419 (C. 45:22A-21 et seq.), any offering plan which would not result in the creation of a "cooperative" as defined in subsection f. of section 3 of this act.
b. No tenant may be removed from a rental premises pursuant to the provisions of section 1 of P.L. 1974, c. 49 (C. 2A:18-61.1) on the grounds that the landlord or owner is converting the property into a cooperative unless the proposed conversion would result in the creation of a "cooperative" as defined in subsection f. of section 3 of this act.
1987, c. 381, s.19.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:9-2 - Covenant of seizin and warranty

46:9-2. Covenant of seizin and warranty
A covenant in any mortgage in the words, "That the mortgagor warrants the title to the premises" shall be construed to have the same force and effect as the following words: That he covenants with the said mortgagee that he is seized of an indefeasible estate in fee simple in said premises, and will warrant and forever defend the title thereof unto the said mortgagee, his executors, administrators, successors and assigns, against all lawful claims whatsoever.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:9-3 - Covenant as to taxes paid

46:9-3. Covenant as to taxes paid
A covenant by the mortgagor in a mortgage, "That no owner of the mortgaged property shall be entitled to any credit by reason of the payment of any tax thereon" shall be construed to mean that the mortgagor, for himself, his heirs, executors, administrators, successors and assigns, covenants with the holder of the mortgage that he and they will not, by reason of the payment of any tax, assessment or other municipal charge or imposition, claim any credit on account of the principal or interest due or to grow due on said mortgage or the bond or obligation intended to be secured thereby, and that should said mortgagor, his heirs, executors, administrators, successors or assigns, fail to pay any tax, assessment or other governmental charge, then and in that event the holder of the mortgage may at his option pay such tax, assessment or other governmental charge and the amount when so paid shall be added to and become part of the principal sum then due upon the bond or obligation referred to in said mortgage, and be secured by said mortgage and shall be payable on demand with legal interest.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:9-4 - Covenant to pay indebtedness

46:9-4. Covenant to pay indebtedness
A covenant in any mortgage in the words, "That will pay the indebtedness as hereinbefore provided" shall be construed to have the same force and effect as the following words:
"And the said for himself, his heirs, executors, administrators or successors covenants and agrees to pay unto the said party of the second part, his heirs, executors, administrators, successors or assigns, the said sum of money and interest as mentioned above and expressed in the conditions of the said bond."
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:9-5 - Covenant as to insurance

46:9-5. Covenant as to insurance
A covenant in any mortgage in the words, "That the buildings on the premises shall be kept insured against loss by fire for the benefit of the holder hereof" shall be construed to have the same force and effect as the following words:
"And it is agreed by and between the parties to these presents that the said mortgagor for himself, his heirs, executors, administrators, successors and assigns, shall and will keep the buildings erected and to be erected upon the lands described in said mortgage insured against loss or damage by fire by insurers and in an amount both approved by the mortgagee, his executors, administrators, successors or assigns, and assign and deliver the policy or policies and the certificates thereof to the said mortgagee, his executors, administrators, successors or assigns, and in default thereof it shall be lawful for the said mortgagee, his executors, administrators, successors or assigns, to effect such insurance, and the premium and premiums paid for effecting the same shall be a lien on said mortgaged premises added to the amount of the said bond or obligation and secured by these presents, payable on demand with legal interest thereon from the time of the payment of such premium or premiums."
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:9-6 - Covenant as to acceleration

46:9-6. Covenant as to acceleration
A covenant in any mortgage in the words, "That the whole of the principal sum shall at the option of the holder of the mortgage become due after default in the payment of any installment of principal or interest for (number to be inserted) days, or after default in the payment of any tax, water rate or assessment for (number of days to be inserted) days, or in default in keeping the buildings insured against loss by fire for the benefit of and to the satisfaction of the holder of the mortgage" , shall be construed to have the same force and effect as the following:
"Should any default be made in the payment of any installment of principal or any part thereof, or of the said interest or any part thereof, on any day whereon the same is made payable, as above expressed, or should any tax, assessment, water rate or other municipal or governmental rate, charge, imposition or lien be hereafter imposed or acquired against the premises described in this mortgage and become due and payable, and should the said interest or installment of principal remain unpaid and in arrears for the space of (number inserted) days, or should said tax, assessment, water rent or other municipal or governmental rate, charge, imposition or lien, or any or either of them, remain unpaid and in arrears for the space of (number inserted) days, then and from thenceforth, that is to say, after the lapse or expiration of either of said periods, as the case may be, or should any default be made in keeping the buildings insured against loss by fire for the benefit of and to the satisfaction of the holder of said mortgage, then the whole principal sum with all arrearages of interest thereon, shall at the option of the mortgagee, his heirs, executors, administrators, successors or assigns, become due and payable immediately thereafter, although the period above limited for the payment thereof may not then have expired, anything hereinbefore contained to the contrary thereof in anywise notwithstanding."
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:9-7 - Covenant as to declaration of no offset

46:9-7. Covenant as to declaration of no offset
A covenant in any mortgage in the words, "That the mortgagor within (number to be inserted) days, upon written request of the holder thereof, will furnish at the expense of said holder a statement of the amount due on this mortgage" , shall be construed to have the same force and effect as the following words:
"The mortgagor and any subsequent owner of the premises herein, upon written request served personally by the holder hereof, shall at the latter's expense certify to such person as the holder may designate, by writing duly acknowledged, the amount of principal and interest then owing on this mortgage, and whether any offsets or defenses exist against the mortgage debt; upon failure to furnish such certificate after the expiration of (number inserted) days, this mortgage shall, at the option of the holder hereof, become due and payable, anything herein contained to the contrary in anywise notwithstanding, provided said notice shall include a copy of this provision of this section."
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:9-7.1 - Express agreement required for assumption of mortgage debt

46:9-7.1. Express agreement required for assumption of mortgage debt
Whenever real estate situate in this State shall be sold and conveyed subject to an existing mortgage or is at the time of any such sale or conveyance subject to an existing mortgage, the purchaser shall not be deemed to have assumed the debt secured by such existing mortgage and the payment thereof by reason of the amount of any such mortgage being deducted from the purchase price or by being taken into consideration in adjusting the purchase price, nor for any other reason, unless the purchaser shall have assumed such mortgage debt and the payment thereof by an express agreement in writing signed by the purchaser or by the purchaser's acceptance of a deed containing a covenant to the effect that the grantee assumes such mortgage debt and the payment thereof.
L.1947, c. 288, p. 1000, s. 1, eff. June 18, 1947.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:9-8 - Purchase money mortgage over judgments

46:9-8. Purchase money mortgage over judgments
Whenever real estate situate in this state is or shall be sold and conveyed, and a mortgage is given by the purchaser at the same time, on the real estate sold, to secure the payment of the purchase money or any part thereof, such mortgage shall be preferred to any previous judgment which may have been obtained against such purchaser.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:9-8.1 - Definitions

46:9-8.1. Definitions
1. As used in this act:
a. "Mortgage loan" means any loan or line of credit, except a construction loan, which states a maximum specified principal amount and which is secured by an interest in real property.
b. "Construction loan" means a loan for a fixed term of no more than three years which is secured by a lien on real property and which is made by the lender for the sole purpose of financing the erection, construction, completion, addition to, alteration or repair of improvements to real property.
c. "Line of credit" means an agreement whereby a lender is obligated to provide a specified amount of credit to a borrower from time to time. The agreement may include provisions to amend or change the interest rate or terms of repayment and shall be an obligation for the purposes of this section notwithstanding the inclusion of one or more of the following limitations and conditions:
(1) An expiration date of the agreement or an option of the lender to cancel the agreement on notice to the borrower;
(2) The financial condition of any borrower;
(3) Continued compliance by the borrower with the terms of the agreement and any mortgage or security agreement securing the amounts advanced pursuant to the agreement;
(4) The absence of an adverse change in the value or condition of any collateral securing the agreement;
(5) A requirement of certain procedures for activating the obligation to make advances pursuant to the agreement; or
(6) A decision of the lender not to continue to engage in the business of providing lines of credit on terms similar to the agreement.
d. "Modification" means:
(1) With respect to a mortgage loan other than a line of credit, a change in the interest rate, due date or other terms and conditions of a mortgage loan except an advance of principal; or
(2) With respect to a line of credit, a change in the interest rate, due date or other terms and conditions and an advance of principal made pursuant to the line of credit but only to the extent that the advance does not cause the principal balance due to exceed the principal amount stated in the line of credit plus accrued interest;
(3) Payments for taxes, assessments and insurance and other payments made by the mortgagee pursuant to the terms of the mortgage or line of credit are included with the amounts which have priority pursuant to section 2 of P.L.1985, c.353 (C.46:9-8.2) and are not included in the phrase "advance of principal;"
(4) "Modification" does not include a substitution in the collateral.
L.1985,c.353,s.1; amended 1997, c.427, s.1; 1998, c.130.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:9-8.2 - Priority preserved

46:9-8.2. Priority preserved
2. Notwithstanding any other law to the contrary, the priority of the lien of a mortgage loan which has undergone a modification, as defined by this act, shall relate back to and remain as it was at the time of recording of the original mortgage as if the modification was included in the original mortgage or as if the modification occurred at the time of recording of the original mortgage. The priority granted by this section shall not apply to any balance due in excess of the maximum specified principal amount which is secured by the mortgage, plus accrued interest, payments for taxes and insurance, and other payments made by the mortgagee pursuant to the terms of the mortgage.
L.1985,c.353,s.2; amended 1991,c.364.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:9-8.3 - No outstanding indebtedness

46:9-8.3. No outstanding indebtedness
The priority of the lien of a mortgage loan shall not be affected by the fact that there may not have been any outstanding indebtedness at some time or times during the term specified in the mortgage.
L. 1985, c. 353, s. 3, eff. Nov. 9, 1985.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:9-8.4 - Prior recorded liens

46:9-8.4. Prior recorded liens
Liens of mortgage loans recorded prior to the effective date of this act:
a. With respect to liens effective prior to the effective date of this act, shall continue the same priority position pursuant to the law in effect prior to this act, and
b. With respect to liens effective on or after the effective date of this act, shall have the priority provided in this act as if the mortgage loan recorded prior to the effective date of this act was recorded at the time this act became effective.
L. 1985, c. 353, s. 4, eff. Nov. 9, 1985.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:9-8.5 - Title insurance to continue in effect despite modification to mortgage loan; exception.

46:9-8.5 Title insurance to continue in effect despite modification to mortgage loan; exception.
2. If a holder of a mortgage loan has insured the holder's interest in the real property securing the mortgage loan with title insurance issued in accordance with the "Title Insurance Act of 1974," P.L.1975, c.106 (C.17:46B-1 et seq.) and a modification has been made in the mortgage loan which continues the priority of the original mortgage as provided in section 2 of P.L.1985, c. 353 (C.46:9-8.2), the title insurance shall continue in effect whether or not the modification agreement is recorded on the records of the county where the mortgage is recorded, unless the terms of the title insurance policy explicitly provide that the policy will not continue to apply if a modification of a mortgage loan takes place pursuant to P.L.1985, c.353 (C.46:9-8.1 et seq.).
L.1997, c.427,s.2.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:9-9 - Assignment of mortgages

46:9-9. Assignment of mortgages
46:9-9. All mortgages on real estate in this State, and all covenants and stipulations therein contained, shall be assignable at law by writing, whether sealed or not, and any such assignment shall pass and convey the estate of the assignor in the mortgaged premises, and the assignee may sue thereon in his own name, but, in any such action by the assignee, there shall be allowed all just set-offs and other defenses against the assignor that would have been allowed in any action brought by the assignor and existing before notice of such assignment.
Amended 1987,c.357,s.4.
2023 New Jersey Revised Statutes › Title 46 - Property › Section 46:10-1 - Support of party or other walls adjacent to excavations eight feet in depth

46:10-1. Support of party or other walls adjacent to excavations eight feet in depth
Whenever excavations, for buildings or other purposes, on any lot or piece of land, shall be intended to be carried to a depth of more than eight feet below the curb or grade of the street, and there shall be any party or other wall, wholly or partly on adjoining land, and standing upon or near the boundary lines of such lot or piece of land, the person causing such excavations to be made, if afforded the necessary license to enter on the adjoining land, but not otherwise, shall, at all times, from the commencement until the completion of such excavations, preserve, at his own expense, such party or other wall from injury, and so support the same by a proper foundation that it shall remain as stable as before such excavations were commenced.