Statutes, codes, and regulations
New Jersey Administrative Code
Title 7 - ENVIRONMENTAL PROTECTIONChapter 70 - HIGHLANDS OPEN SPACE PARTNERSHIP FUNDING PROGRAM AND HIGHLANDS DEVELOPMENT CREDIT PURCHASE PROGRAM
Subchapter 3 - HIGHLANDS OPEN SPACE PARTNERSHIP FUNDING PROGRAM
Section 7:70-3.4 - Closing process

N.J. Admin. Code § 7:70-3.4

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Current through Register Vol. 56, No. 21, November 4, 2024
Section 7:70-3.4 - Closing process
(a) Partnership entities shall have 12 months to complete the closing on the property from the effective date of the Highlands Council's adoption of a resolution approving issuance of an approval for funding.
1. All partnership entities can obtain up to two six-month extensions, if it is shown that there are circumstances that inhibit the property's acquisition within the initial 12-month deadline, provided there is a reasonable expectation of closing within the extended deadline, as follows:
i. The Executive Director shall have the ability to grant a first extension upon showing of good cause.
ii. The Executive Director shall have the ability to grant a second extension upon showing of good cause and the submission of a fully executed contract with the owner.
2. Should the partnership entity fail to close on the property within these time frames, the partnership entity shall forfeit the funding, but may reapply in any subsequent rounds.
(b) The partnership entity shall provide notice to the Highlands Council that the closing or final acquisition is ready to proceed and shall request issuance of payment to the property owner.
1. After review by the Executive Director that the release of funding is consistent with the approval of funding, the Executive Director shall authorize payment to the property owner at the closing for the acquisition of development rights.
2. The partnership entity shall provide the Executive Director with copies of the filed deed or deed of easement.
3. The Executive Director shall provide a report to the Highlands Council upon the final completion of each acquisition. A summary of the completed acquisitions shall be posted to the Highlands Council's website.
(c) Closing requirements are as follows:
1. A title search update shall be required prior to the filing of any deed or deed of easement on a property indicating that the property owner has the authority to deed restrict the land.
2. The final form of any deed or deed of easement shall be submitted for approval to the Highlands Council prior to the final release of funds.

N.J. Admin. Code § 7:70-3.4

Adopted by 48 N.J.R. 631(a), effective 4/18/2016