BOROUGH OF MERCHANTVILLE, PLAINTIFF-RESPONDENT, v. MALIK & SON, LLC AND/OR SHAUKAT MALIK AND/OR BOBBY MALIK, WELLWOOD REALTY, LP, UBS PRINCIPAL FINANCE, LLC, LASALLE BANK NATIONAL ASSOCIATION, LB-UBS COMMERCIAL MORTGAGE TRUST, BANK OF AMERICA, GERMAN AMERICAN CAPITAL CORPORATION (A MARYLAND CORPORATION), DAWN-BV, LLC, LB-UBS 2000-C3 WELLWOOD MANOR, LLC, WACHOVIA BANK, NA, TAX LIEN SERVICE GROUP, CAMDEN COUNTY MUNICIPAL UTILITIES AUTHORITY, AND THE MERCHANTVILLE PENNSAUKEN WATER COMMISSION, DEFENDANTS, AND LB-RPR REO HOLDINGS, LLC, DEFENDANT-APPELLANT, AND U.S. BANK, AS CUSTODIAN FOR CRESTAR CAPITAL, LLC, DEFENDANT-RESPONDENT., 218 N.J. 556

Summary

HOLDINGS: [1]-The Court held that prior to instituting a condemnation action, a condemning authority has an obligation to present an offer to acquire the subject property and to engage in bona fide negotiations only with the holder of the title of record or the holder of the interest sought to be condemned; [2]-The Court held that the borough, as the condemning authority, was not required to engage in negotiations with the holder of the final judgment of foreclosure for the property sought to be condemned for redevelopment after the negotiations between the borough and the mortgagor as such prior negotiations satisfied the obligation to conduct bona fide negotiations with the property owner.