State Codes and Statutes

Statutes > New-jersey > Title-55 > Section-55-14k > 55-14k-10

55:14K-10.  Foreclosure action;  parties defendant;  entry of judgment; conditions;  orders;  qualification of buyers;  other judgments;  notices prior to sale
    a.  In any foreclosure action involving a housing sponsor other than a foreclosure action instituted by the agency, the agency and the municipality in  which any tax exemption or abatement is provided to the housing sponsor shall,  in addition to other necessary parties, be made parties defendant. The agency  and the municipality shall take all steps in the action necessary to protect  the interest of the public therein, and no costs shall be awarded against the  agency or the municipality.

    b.  Subject to the terms of any applicable loan agreement, contract or other  instrument entered into or obtained pursuant to subsection a. of section 7 of  this act, judgment of foreclosure in accordance with this section shall not be  entered unless the court to which application therefor is made shall be  satisfied that the interest of the lienholder or holders cannot be adequately  secured or safeguarded except by the sale of the property;  and in the  proceeding the court shall be authorized to make an order increasing the rental  or carrying charges to be charged for the housing accommodations in the housing  project involved in the foreclosure, or appoint a member of the agency or any  officer of the municipality in which any tax exemption or abatement with  respect to the project is provided, as a receiver of the property, or grant  such other and further relief as may be reasonable and proper;  and in the  event of a foreclosure or other judicial sale, the property shall be sold only  to a housing sponsor which will manage, operate and maintain the project  subject to the provisions of this act, unless the court finds that the interest  and principal on the obligations secured by the lien which is the subject of foreclosure cannot be earned under the limitations imposed by the provisions of  this act and that the proceeding was brought in good faith, in which event the  property may be sold free of limitations imposed by this act or subject to such  limitations as the court may deem advisable to protect the public interest.

    c.  In the event of a judgment against any housing sponsor in any action not  pertaining to the foreclosure of a mortgage, there shall be no sale of any of  the real property included in any housing project hereunder of the housing  sponsor except upon 120 days' written notice to the agency.  Upon receipt of  the notice the agency shall take those steps as in its judgment may be  necessary to protect the rights of all parties.

     L.1983, c. 530, s. 10, eff. Jan. 17, 1984.
 

State Codes and Statutes

Statutes > New-jersey > Title-55 > Section-55-14k > 55-14k-10

55:14K-10.  Foreclosure action;  parties defendant;  entry of judgment; conditions;  orders;  qualification of buyers;  other judgments;  notices prior to sale
    a.  In any foreclosure action involving a housing sponsor other than a foreclosure action instituted by the agency, the agency and the municipality in  which any tax exemption or abatement is provided to the housing sponsor shall,  in addition to other necessary parties, be made parties defendant. The agency  and the municipality shall take all steps in the action necessary to protect  the interest of the public therein, and no costs shall be awarded against the  agency or the municipality.

    b.  Subject to the terms of any applicable loan agreement, contract or other  instrument entered into or obtained pursuant to subsection a. of section 7 of  this act, judgment of foreclosure in accordance with this section shall not be  entered unless the court to which application therefor is made shall be  satisfied that the interest of the lienholder or holders cannot be adequately  secured or safeguarded except by the sale of the property;  and in the  proceeding the court shall be authorized to make an order increasing the rental  or carrying charges to be charged for the housing accommodations in the housing  project involved in the foreclosure, or appoint a member of the agency or any  officer of the municipality in which any tax exemption or abatement with  respect to the project is provided, as a receiver of the property, or grant  such other and further relief as may be reasonable and proper;  and in the  event of a foreclosure or other judicial sale, the property shall be sold only  to a housing sponsor which will manage, operate and maintain the project  subject to the provisions of this act, unless the court finds that the interest  and principal on the obligations secured by the lien which is the subject of foreclosure cannot be earned under the limitations imposed by the provisions of  this act and that the proceeding was brought in good faith, in which event the  property may be sold free of limitations imposed by this act or subject to such  limitations as the court may deem advisable to protect the public interest.

    c.  In the event of a judgment against any housing sponsor in any action not  pertaining to the foreclosure of a mortgage, there shall be no sale of any of  the real property included in any housing project hereunder of the housing  sponsor except upon 120 days' written notice to the agency.  Upon receipt of  the notice the agency shall take those steps as in its judgment may be  necessary to protect the rights of all parties.

     L.1983, c. 530, s. 10, eff. Jan. 17, 1984.
 

State Codes and Statutes

State Codes and Statutes

Statutes > New-jersey > Title-55 > Section-55-14k > 55-14k-10

55:14K-10.  Foreclosure action;  parties defendant;  entry of judgment; conditions;  orders;  qualification of buyers;  other judgments;  notices prior to sale
    a.  In any foreclosure action involving a housing sponsor other than a foreclosure action instituted by the agency, the agency and the municipality in  which any tax exemption or abatement is provided to the housing sponsor shall,  in addition to other necessary parties, be made parties defendant. The agency  and the municipality shall take all steps in the action necessary to protect  the interest of the public therein, and no costs shall be awarded against the  agency or the municipality.

    b.  Subject to the terms of any applicable loan agreement, contract or other  instrument entered into or obtained pursuant to subsection a. of section 7 of  this act, judgment of foreclosure in accordance with this section shall not be  entered unless the court to which application therefor is made shall be  satisfied that the interest of the lienholder or holders cannot be adequately  secured or safeguarded except by the sale of the property;  and in the  proceeding the court shall be authorized to make an order increasing the rental  or carrying charges to be charged for the housing accommodations in the housing  project involved in the foreclosure, or appoint a member of the agency or any  officer of the municipality in which any tax exemption or abatement with  respect to the project is provided, as a receiver of the property, or grant  such other and further relief as may be reasonable and proper;  and in the  event of a foreclosure or other judicial sale, the property shall be sold only  to a housing sponsor which will manage, operate and maintain the project  subject to the provisions of this act, unless the court finds that the interest  and principal on the obligations secured by the lien which is the subject of foreclosure cannot be earned under the limitations imposed by the provisions of  this act and that the proceeding was brought in good faith, in which event the  property may be sold free of limitations imposed by this act or subject to such  limitations as the court may deem advisable to protect the public interest.

    c.  In the event of a judgment against any housing sponsor in any action not  pertaining to the foreclosure of a mortgage, there shall be no sale of any of  the real property included in any housing project hereunder of the housing  sponsor except upon 120 days' written notice to the agency.  Upon receipt of  the notice the agency shall take those steps as in its judgment may be  necessary to protect the rights of all parties.

     L.1983, c. 530, s. 10, eff. Jan. 17, 1984.