40:62-118.Ā  Property acquired by owner pending proceedings; acquisition; contract Upon taking possession of the waterworks, rights and franchises of any suchĀ  public utility which may be condemned pursuant to the provisions of sectionĀ  40:62-114 of this title, the commission acquiring the same shall also at theĀ  same time take possession of all the property, including all betterments,Ā  additions and extensions made on or to the property so condemned, and allĀ  rights and franchises which during the pendency of the condemnation proceedingsĀ  have been acquired by the owner through construction, purchase, contract orĀ  otherwise for the purpose of rendering adequate service.

At any time after the commencement of the original condemnation proceedingsĀ  the commission may enter into an agreement with the owner fixing the price toĀ  be paid for the after acquired property, rights and franchises, which agreementĀ  when made shall be severally binding upon each of the municipalities which areĀ  to own the waterworks and such after acquired property in the proportions thatĀ  they are respectively liable under the provisions of section 40:62-121 of thisĀ  title for the bonds therein authorized to be issued.
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