N.J.S.A. 55:17-7 — Notice of default to holder

55:17-7. Notice of default to holder In the event of any default in connection with the terms and provisions of any lease or financial arrangement affecting a project, the governmental body or agency shall not take any steps it may otherwise be entitled to take, until it has first notified the holder of any mortgage loan thereon and provided a reasonable opportunity, in light of the nature of the default and the available means to correct it to cure the same; but in any case shall allow not less than 30 days for such purpose. L.1967, c. 304, s. 7, eff. Feb. 15, 1968.

This is the verbatim text of N.J.S.A. 55:17-7, 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.