40:60-40.9 - Contents of notice of pendency of ordinance resolution authorizing sale and conveyance; reversion of title - New Jersey Statutes

40:60-40.9.  Contents of notice of pendency of ordinance resolution authorizing sale and conveyance;  reversion of title
    The published notice of the pendency of the ordinance shall contain the sale  prices fixed for the parcels of real estate therein described and that, in the  event more than one qualified person shall apply to purchase a particular  parcel, such parcel will be sold at auction, to the highest bidder among such  qualified applicants with the minimum acceptable bid being the sale price fixed  in accordance with section 2, above.  No sale and conveyance made pursuant to  this act shall become effective until specifically authorized by resolution of  the governing body adopted at a regular meeting.

    In the event of failure by the grantee, his heirs, executors, administrators  or assigns of any real estate conveyed pursuant to this act to fully perform  any of the terms, conditions or covenants imposed in connection therewith, upon  resolution of the governing body, such real estate and improvements, if any,  shall thereupon revert to and the title thereof be vested in the municipality.

     L.1965, c. 18, s. 3, eff. April 12, 1965.