New Jersey Statutes 18A:66-87. Purchase provisions during occupancy
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Terms Used In New Jersey Statutes 18A:66-87
- Amortization: Paying off a loan by regular installments.
- Board: means the board of education. See New Jersey Statutes 18A:1-1
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
Should such real estate investment be sold to the state during its occupancy as tenant, the board of trustees of the fund shall accept, in full payment therefor, as well as for any state lands theretofore conveyed to it in connection therewith, the total actual cost thereof. In the event that any sums shall have been paid to the fund toward amortization of the investment, the aggregate amount thereof at the time of closing of title shall be credited against the purchase price.
L.1967, c.271.