New Jersey § 52:27D-489k5 Incentive grant pledge may be secured by a mortgage.

New Jersey Statutes

§ 52:27D-489k5 — Incentive grant pledge may be secured by a mortgage.

New Jersey § 52:27D-489k5

Title 52STATE GOVERNMENT, DEPARTMENTS AND OFFICERS

This text of New Jersey § 52:27D-489k5 (Incentive grant pledge may be secured by a mortgage.) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 52:27D-489k5 (2026).

Text

5.

a.In lieu of, or in addition to, the provisions of section 4 of P.L.2018, c.97 (C.52:27D-489k4), the municipality may provide in the agreement that the incentive grant pledge, if any, is to be secured by a mortgage. In that event the mortgage may also be assigned and pledged to the repayment of the bonds authorized herein.

b.The assignment of any mortgage that secures an incentive grant pledge, if any, may also be an absolute assignment of all or part of the municipality's right, title, and interest in the mortgage and, to the extent assigned, any moneys realized from the foreclosure of the mortgaged property shall not be included in the general funds of the municipality.

c.After the bonds are paid and no longer deemed to be outstanding, the assignment of the mortgage shall terminate

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5. a. In lieu of, or in addition to, the provisions of section 4 of P.L.2018, c.97 (C.52:27D-489k4), the municipality may provide in the agreement that the incentive grant pledge, if any, is to be secured by a mortgage. In that event the mortgage may also be assigned and pledged to the repayment of the bonds authorized herein. b. The assignment of any mortgage that secures an incentive grant pledge, if any, may also be an absolute assignment of all or part of the municipality's right, title, and interest in the mortgage and, to the extent assigned, any moneys realized from the foreclosure of the mortgaged property shall not be included in the general funds of the municipality. c. After the bonds are paid and no longer deemed to be outstanding, the assignment of the mortgage shall terminate. L.2018, c.97, s.5.