New Jersey Administrative Code
Title 2 - AGRICULTURE
Chapter 76 - STATE AGRICULTURE DEVELOPMENT COMMITTEE
Subchapter 6 - ACQUISITION OF DEVELOPMENT EASEMENTS
Section 2:76-6.14 - Payment procedures; schedule of payment
Universal Citation: NJ Admin Code 2:76-6.14
Current through Register Vol. 56, No. 18, September 16, 2024
(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.
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