1542                             Laws of Maryland                      [Ch. 844

imum opportunity, consistent with the sound needs of the municipality
as a whole, for the rehabilitation or redevelopment of the urban
renewal area by private enterprise.

An urban renewal plan may be modified at any time, provided that
if modified after the lease or sale of real property in the urban renewal
project area, the modification may be conditioned upon such approval
of the owner, lessee or successor in interest as the municipality 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 ap-
proved 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 carried out in accordance with its terms.

Sub-Section 6. 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 or 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
Article. The purchasers or lessees and their successors and assigns
shall be obligated to devote such real property only to the uses speci-
fied 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 rea-
sonable 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 con-
sideration to the uses provided in such plan; the restrictions upon,
and the covenants, conditions and obligations assumed by the pur-
chaser or lessee or 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 con-
veyance to a private purchaser or lessee may provide that such pur-
chaser 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