When 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.
N.J. Stat. Ann. § 46:8B-35
Lease of parking, recreational or other common facility or area for over 20 years; option to renew or purchase
Known as the Condominium Act
The act spans §§ 46:8B-1 to 46:8B-9 (42 sections).
L.1979, c. 297, s. 5, eff
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.