55:19-97. Distribution of proceeds

119 words·~1 min read·/nj/title-55/chapter-19/55-19-97

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

20. The proceeds paid pursuant to subsection c. of section 19 of P.L.2003, c.210 (C.55:19-96) shall be distributed in the following order of priority:

a. The costs and expenses of sale;

b. Other governmental liens;

c. Repayment of principal and interest on any borrowing or indebtedness incurred by the municipality and granted priority lien status pursuant to subsection a. of section 21 of P.L.2003, c.210 (C.55:19-98);

d. A reasonable development fee to the municipality consistent with the standards for development fees established for rehabilitation programs by the New Jersey Department of Community Affairs or the New Jersey Housing and Mortgage Finance Agency;

e. Other valid liens and security interests, in accordance with their priority; and

f. The owner.

L.2003,c.210,s.20.