Legal Research Home > New Jersey Lawyer > Commerce and Navigation > New Jersey Commerce And Navigation Laws Section 12:3-25. Renewals of leases; provision for determining annual rentals.

The department, together with the Governor, may, in any lease of lands of the State below mean high-water mark, provide for a renewal or renewals of the lease for a subsequent term or terms to be expressed in the lease, and therein provide that the annual rentals to be paid for each renewal shall, in case the amount cannot be agreed upon, be fixed and determined before the commencement of the renewal term by three arbitrators, one to be appointed by the State, one by the then lessee, and the third by their joint agreement, or should they fail to agree, then by the Superior Court.

Amended by L.1953, c. 12, p. 100, s. 5, eff. March 19, 1953.

Last modified: October 21, 2006