2009 New Jersey Code
2A:50-49 - Foreclosure for failure to procure insurance or pay insurance premiums authorized

2A:50-49.  Foreclosure for failure to procure insurance or pay insurance premiums authorized
    Whenever it is provided in a mortgage that the owner of the mortgaged premises shall keep the same insured for the benefit of the mortgagee and that,  in default thereof, or upon the failure, neglect or refusal of the owner to pay  any premium for such insurance protection, the mortgagee may either procure  such insurance or pay any such defaulted premium in order to preserve the  protection of his insurance, and add the cost of procuring such insurance or  the amount paid by him for any such premium to the principal sum due on the  mortgage, to be recovered upon demand or otherwise with interest from the date  of such procurement or payment, or the mortgagee is given the option to declare  the principal sum due on the mortgage whenever the owner fails to furnish  proper insurance protection, the holder of the mortgage may, upon paying for or  procuring such insurance, waive the demand for the payment of the principal sum  due on the mortgage and foreclose the mortgage only for the amount paid by him  to procure such insurance, with interest thereon from the date of such payment.
L.1951 (1st SS), c.344.

Disclaimer: These codes may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.