40A:12A-59. Payment in lieu of taxes may be secured by mortgage
11. In lieu of the provisions of section 10 of P.L.1996, c.73 (C.40A:12A-58), the municipality may provide in the agreement that the payment in lieu of taxes, if any, is to be secured by a mortgage. In that event the mortgage may also be assigned and pledged to the repayment of the bonds authorized herein.
The assignment of any mortgage that secures a payment in lieu of taxes, if any, may also be an absolute assignment of all or part of the municipality's right, title, and interest in the mortgage and, to the extent assigned, any moneys realized from the foreclosure of the mortgaged property shall not be included in the general funds of the municipality.
After the bonds or other obligations are paid and no longer deemed to be outstanding, the assignment of the mortgage shall terminate.
L.1996,c.73,s.11.
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Last modified: October 11, 2016