§ 40A:12A-87 — Termination of land banking agreement.

14. a. (1) The municipality may, by ordinance, terminate the land banking agreement at any time, with or without cause, by providing the land bank entity with one year's notice of termination from the date of the adoption of that ordinance. (2) Termination of the land banking agreement, pursuant to this subsection, shall not affect the status of any transaction properly entered into by the land bank entity prior to termination. (3) Within 90 days following the date of termination, the land bank entity shall convey and transfer to the municipality possession of all land bank property without consideration; provided, however, that the municipality and the entity may agree to allow the entity to retain possession and control over any properties that are the subject of a pending transaction by the entity until completion of the transaction, and until the end of any lease. b. With or without one year's notice to the land bank entity, the municipality may, by ordinance, terminate the land banking agreement upon notification of a determination from the county prosecutor, or the municipal counsel, that the land bank entity, or a director or officer of the land bank entity while acting in their official role, has breached an essential duty of the land banking agreement based upon an act or omission: (1) in violation of the land bank entity's duty of loyalty to the municipality and the general welfare of the residents of the municipality; (2) involving a knowing violation of criminal law; or (3) resulting in the receipt by a director or officer of the land bank entity, or by an associate of such person, of an improper personal benefit. L.2019, c.159, s.14.