40:62-118 - Property acquired by owner pending proceedings; acquisition; contract - New Jersey Statutes

40:62-118.  Property acquired by owner pending proceedings; acquisition; contract    Upon taking possession of the waterworks, rights and franchises of any such  public utility which may be condemned pursuant to the provisions of section  40:62-114 of this title, the commission acquiring the same shall also at the  same time take possession of all the property, including all betterments,  additions and extensions made on or to the property so condemned, and all  rights and franchises which during the pendency of the condemnation proceedings  have been acquired by the owner through construction, purchase, contract or  otherwise for the purpose of rendering adequate service.

    At any time after the commencement of the original condemnation proceedings  the commission may enter into an agreement with the owner fixing the price to  be paid for the after acquired property, rights and franchises, which agreement  when made shall be severally binding upon each of the municipalities which are  to own the waterworks and such after acquired property in the proportions that  they are respectively liable under the provisions of section 40:62-121 of this  title for the bonds therein authorized to be issued.