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New Jersey Statutes, Title: 55, TENEMENT HOUSES AND PUBLIC HOUSING
Chapter 18:
Section: 55:18-3: Qualifications of prospective lessee
Before any lease is entered into under authority of this act the prospective lessee shall demonstrate to the satisfaction of the municipal governing body:
(1) Its financial capacity to undertake the proposed conversion, maintenance and operation, including reliable commitments for any financing reasonably required to meet its obligations under, and resulting from, the terms of the lease; and
(2) Its possession of adequate experience in, and qualification for, the management of projects of comparable type and magnitude, or firm agreements to acquire the same through contractual arrangements conditioned upon execution of the lease.
L.1983, c. 335, s. 3, eff. Sept. 2, 1983.
This section added to the Rutgers Database: 2012-09-26 13:37:57.
Older versions of 55:18-3 (if available):
Court decisions that cite this statute:
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