There is a newer version of the New Jersey Revised Statutes
2009 New Jersey Code
TITLE 46 - PROPERTY
46:8B
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 purchaseWhen 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.
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