12. If no mortgage holder or lienholder meets the conditions of section 11 of P.L.2003, c.210 (C. 55:19-88), then the municipality shall submit a plan to the court which conforms with the provisions of subsection b. of section 10 of P.L.2003, c.210 (C. 55:19-87). The plan shall designate the entity which shall implement the plan, which may be the municipality or that entity designated in accordance with the provisions of section 13 of P.L.2003, c.210 (C. 55:19-90).

The court shall grant the municipality possession of the property if it finds that:

a. the proposed rehabilitation and reuse of the property is appropriate and beneficial;

b. the municipality is qualified to undertake the rehabilitation and reuse of the property; and

c. the plan submitted by the municipality represents a realistic and timely plan for the rehabilitation and reuse of the property.

The municipality shall take all steps necessary and appropriate to further the rehabilitation and reuse of the property consistent with the plan submitted to the court. In making its findings pursuant to this section, the court may consult with qualified parties, including the Department of Community Affairs, and, upon request by a party in interest, may hold a hearing on the plan.

Where either a redevelopment plan pursuant to P.L.1992, c.79 (C. 40A:12A-1 et seq.) or a neighborhood revitalization plan pursuant to P.L.2001, c.415 (C. 52:27D-490 et seq.) has been adopted or approved by the Department of Community Affairs, as appropriate, encompassing the property which is the subject of a complaint, the court shall make a further finding that the proposed rehabilitation and reuse of the property are not inconsistent with any provision of either plan.

L.2003,c.210,s.12.