[R.O. 1966 § 15:4-1; Ord. 6 S+FO, 6-21-1989]
a.
It shall be the responsibility of the owner and operator to comply with the provisions of this chapter, except as otherwise provided in this Housing Code.
b.
It shall be the responsibility of the purchaser of any one to four family residential City-owned property where the condition of renovation or rehabilitation applies, to repair, alter and improve the building in accordance with the requirements of this Code and the Uniform Construction Code of the State of New Jersey. Information for the requirements may be obtained by inquiry to the Construction Code Official. The repairs, alterations and improvements shall be completed six months from the date of closing title with the City.
c.
In the event the purchaser fails to comply with the aforementioned rehabilitation requirements, all monies paid on behalf of the purchase price, by way of deposit or otherwise shall be retained by the City as its liquidated damages and it may thereafter resell the property and/or pursue such other and further legal and/or equitable remedies as it may have and the defaulting purchaser shall continue to remain liable for all damages and losses sustained by the City by reason of any such default.
d.
The City shall have the right to seek a reversion of title where the purchaser fails to comply with rehabilitation requirement. This right of reversion shall be included in a clause contained in the deed of conveyance. In order for the City to reacquire the property, an action must be instituted within six months following the termination of the period in which the rehabilitation requirement shall have been satisfied.
e.
The reversionary right shall be deemed extinguished upon the happening of any of the following: