N.J.S.A. 46:8B-35 — Lease of parking, recreational or other common facility or area for over 20 years; option to renew or purchase

46:8B-35. Lease of parking, recreational or other common facility or area for over 20 years; option to renew or purchase When any parking, recreational or other common facility or area has been leased for the use of the unit owners of a condominium for 20 years or more, the condominium association or the condominium unit owners shall have the option of renewing the lease on the parking, recreational or other common facility or area or of buying such facility or area and subject real property at a conscionable price. L.1979, c. 297, s. 5, eff. Jan. 17, 1980.

This is the verbatim text of N.J.S.A. 46:8B-35, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.