2A:42-139 Conditions for reinstatement of owner’s rights.
26. a. The court may require as a condition of reinstatement of the owner’s rights that the receiver or other qualified entity remain in place as a monitor of the condition and management of the property for such period as the court may determine, and may require such reports at such intervals as it deems necessary and appropriate from the monitor. The court may require the owner to pay a fee to the monitor in such amount as the court may determine.
b. In the event of the owner’s failure to comply with the conditions established for reinstatement of the owner’s rights, or evidence of recurrence of any of the conditions for receivership set forth in section 4 of Phamplet Law 2003, Chapter 295 (C. 2A:42-117), the receiver, monitor or any party in interest may petition the court for reinstatement of the receivership at any time, which may be granted by the court in a summary manner after notice to the parties and a hearing, if requested by any of the partieS.If the court reinstates the receivership, the entire bond or other security shall be forfeit and shall be provided to the receiver for the operation and improvement of the property.
Original Text maintained by the State of New Jersey:
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