J. MILLARD TAWES, GOVERNOR                            1327

newal project area, the modification may be conditioned upon such
approval of the owner, lessee or successor in interest as the munici-
pality may deem advisable and in any event shall be subject to such
rights at law or in equity as a lessee or purchaser, or his successor or
successors in interest, may be entitled to assert. Where the proposed
modification will substantially change the urban renewal plan as
previously approved by the municipality, the modification shall be
formally approved by the municipality, as in the case of an original
plan.

Upon the approval by the municipality of an urban renewal plan or
of any modification thereof, such plan or modification shall be deemed
to be in full force and effect for the respective urban renewal area and
the municipality may then cause such plan or modification to be car-
ried out in accordance with its terms.

Section 220. Disposal of Property in Urban Renewal Area

(a) The municipality may sell, lease or otherwise transfer real
property or any interest therein acquired for it by an urban renewal
project, for residential, recreational, commercial, industrial, educa-
tional or other uses for public use, or may retain such property or
interest for public use, in accordance with the urban renewal plan,
subject to such covenants, conditions and restrictions, including
covenants running with the land, as it may deem to be necessary or
desirable to assist in preventing the development or spread of future
slums or blighted areas or to otherwise carry out the purposes of this
subtitle. The purchasers or lessees and their successors and assigns
shall be obligated to devote such real property only to the uses specified
in the urban renewal plan, and may be obligated to comply with such
other requirements as the municipality may determine to be in the
public interest, including the obligation to begin within a reasonable
time any improvements on such real property required by the urban
renewal plan. Such real property or interest shall be sold, leased,
otherwise transferred,, or retained at not less than its fair value for
uses in accordance with urban renewal plan. In determining the fair
value of real property for uses in accordance with the urban renewal
plan, the municipality shall take into account and give consideration
to the uses provided in such plan; the restrictions upon, and the
covenants, conditions and obligations assumed by the purchaser or
lessee by the municipality retaining the property; and the objectives
of such plan for the prevention of the recurrence of slum or blighted
areas. The municipality in any instrument of conveyance to a private
purchaser or lessee may provide that such purchaser or lessee shall
be without power to sell, lease or otherwise transfer the real property
without the prior written consent of the municipality until he has
completed the construction of any or all improvements which he has
obligated himself to construct thereon. Real property acquired by
the municipality which, in accordance with the provisions of the
urban renewal plan, is to be transferred, shall be transferred as
rapidly as feasible in the public interest consistent with the carrying
out of the provisions of the urban renewal plan. Any contract for
such transfer and the urban renewal plan (or such part or parts of
such contract or plan as the municipality may determine) may be
recorded in the Land Records of the county in which the municipality
is situated in such manner as to afford actual or constructive notice
thereof.