46:8A-12 - Waiver of regime - New Jersey Statutes

46:8A-12.  Waiver of regime
    Two-thirds of the coowners or the sole owner of property constituted into a  horizontal property regime may waive this regime and regroup or merge the records of the individual apartments with the principal property, provided, that the individual apartments are unencumbered, or if encumbered, that the creditors in whose behalf the encumbrances are recorded agree to accept as security the undivided portions of the property owned by the debtors.

     L.1963, c. 168, s. 12.  Amended by L.1978, c. 124, s. 5, eff. Oct. 5, 1978.