N.J. Admin. Code § 2:76-6.14 - Payment procedures; schedule of payment

(a) The board and the landowner may agree upon and establish a schedule of payment which provides that the landowner may receive consideration for the easement in a lump sum, or in installments over a period of up to 40 years from the date of settlement, provided that:

1. If a schedule of installments is agreed upon, the State Comptroller shall retain in the fund, or the governing body shall retain, an amount of money sufficient to pay the landowner pursuant to the schedule.

2. The landowner shall receive, annually, interest on any unpaid balance remaining after the date of settlement. The interest shall accrue at a rate established in the installment contract.

(b) Proof of title insurance, a certified survey and a copy of the recorded deed shall be forwarded to the Committee when requesting a grant for reimbursement of the board's purchase of a development easement.

Notes

N.J. Admin. Code § 2:76-6.14

Amended by R.1988 d.435, effective 9/6/1988.
See: 20 New Jersey Register 1319(a), 20 New Jersey Register 2254(b).
(b): Substituted "no more than 80" for "50".
Amended by R.1993 d.392, effective 8/2/1993.
See: 25 New Jersey Register 1804(d), 25 New Jersey Register 3453(e).
Amended by R.1995 d.613, effective 12/4/1995.
See: 27 New Jersey Register 13(a), 27 New Jersey Register 4875(a).