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Tuesday, July 15, 2014

2A:42-6.1. Grace period for payment of rent

2A:42-6.  Willful holding over by tenant after expiration of term; notice to deliver possession;  penalty
    When a tenant for any term or any other person coming into possession of any  real estate by, from or under, or by collusion with such tenant, willfully  holds over any such real estate after the determination of such term and after  demand made and notice in writing for delivering the possession thereof, given  by his landlord or lessor, or by the person to whom the remainder or reversion  of such real estate shall belong, the person so holding over shall, for and  during the time he so holds over or keeps the person entitled out of possession  of such real estate pay to the person so kept out of possession, his executors,  administrators or assigns, at the rate of double the yearly value of the real  estate so detained, for so long a time as the same is detained.  Such amount  shall be recoverable by an action in any court of competent jurisdiction.
L.1951 (1st SS), c.344.
2A:42-6.1.  Grace period for payment of rent1.A person to whom rent is due and payable on the first of the month upon a lease or other agreement shall allow a period of five business days grace in which the rent due shall be paid.  No delinquency or other late charge shall be made which includes the grace period of five business days.

As used in this section, "business day" means any day other than a Saturday, Sunday or State or federal holiday.

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