New Jersey § 55:18-3 Qualifications of prospective lessee

New Jersey Statutes

§ 55:18-3 — Qualifications of prospective lessee

New Jersey § 55:18-3

Title 55TENEMENT HOUSES AND PUBLIC HOUSING

This text of New Jersey § 55:18-3 (Qualifications of prospective lessee) 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. § 55:18-3 (2026).

Text

Before any lease is entered into under authority of this act the prospective lessee shall demonstrate to the satisfaction of the municipal governing body:

(1)Its financial capacity to undertake the proposed conversion, maintenance and operation, including reliable commitments for any financing reasonably required to meet its obligations under, and resulting from, the terms of the lease; and (2) Its possession of adequate experience in, and qualification for, the management of projects of comparable type and magnitude, or firm agreements to acquire the same through contractual arrangements conditioned upon execution of the lease. L.1983, c. 335, s. 3, eff. Sept. 2, 1983.

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Before any lease is entered into under authority of this act the prospective lessee shall demonstrate to the satisfaction of the municipal governing body: (1) Its financial capacity to undertake the proposed conversion, maintenance and operation, including reliable commitments for any financing reasonably required to meet its obligations under, and resulting from, the terms of the lease; and (2) Its possession of adequate experience in, and qualification for, the management of projects of comparable type and magnitude, or firm agreements to acquire the same through contractual arrangements conditioned upon execution of the lease. L.1983, c. 335, s. 3, eff. Sept. 2, 1983.