2A:42-129 Responsibilities of receiver in possession of the building.

368 words·~2 min read·/nj/title-2a/chapter-42/2a-42-129

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

16. While in possession of the building, the receiver shall:

a. Maintain, safeguard, and insure the building;

b. Apply all revenue generated from the building consistent with the purposes of P.L.2003, c.295 (C.2A:42-114 et al.) and the provisions of the plan submitted to and approved by the court. In the case of an officer or agent of a municipality acting as a receiver pursuant to the provisions of section 1of P.L.1942, c.54 (C.54:5-53.1), no revenue shall be applied to any arrears in property taxes or other municipal liens until or unless the municipal officer or agent finds that any material conditions found to exist by the court pursuant to section 10 of P.L.2003, c.295 (C.2A:42-123) have been abated, and that the building has remained free of any such conditions for a period of no less than six months of that certification;

c. Implement the plan and, to the extent the receiver determines that any provision of the plan cannot be implemented, submit amendments to the plan to the court, with notice to the parties in interest and the owner;

d. Submit such reports as the court may direct and submit a copy of those reports to the parties in interest and the owner. Such reports may include:

(1)a copy of any contract entered into by the receiver regarding repair or improvement of the building, including any documentation required under subsection d. of section 15 of P.L.2003, c.295 (C.2A:42-128);

(2)a report of the lease and occupancy status of each unit in the building, and any actions taken with respect to any tenant or lease;

(3)an account of the disposition of all revenues received from the building;

(4)an account of all expenses and improvements;

(5)the status of the plan and any amendments thereto;

(6)a description of actions proposed to be taken during the next six months with respect to the building; and

(7)itemization of any fees and expenses that the receiver incurred for which it is entitled to payment pursuant to subsection a. of section 18 of P.L.2003, c.295 (C.2A:42-131), which were not paid during the period covered by the report, or which have remained unpaid since the beginning of the receivership.

L.2003,c.295,s.16.