New Jersey Statutes Title 40. Municipalities and Counties 40 § 60-40.9

The published notice of the pendency of the ordinance shall contain the sale prices fixed for the parcels of real estate therein described and that, in the event more than one qualified person shall apply to purchase a particular parcel, such parcel will be sold at auction, to the highest bidder among such qualified applicants with the minimum acceptable bid being the sale price fixed in accordance with section 2, above.  1 No sale and conveyance made pursuant to this act shall become effective until specifically authorized by resolution of the governing body adopted at a regular meeting.

In the event of failure by the grantee, his heirs, executors, administrators or assigns of any real estate conveyed pursuant to this act to fully perform any of the terms, conditions or covenants imposed in connection therewith, upon resolution of the governing body, such real estate and improvements, if any, shall thereupon revert to and the title thereof be vested in the municipality.