J. MILLARD TAWES, Governor                         1631

vided 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 suc-
cessor 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.

(c) 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.

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 cove-
nants running with the land, as it may deem to be necessary or desir-
able to assist in preventing the development or spread of future slums
or blighted area or to otherwise carry out the purposes of this sub-
heading. 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
"'he public interest, including the obligation to begin within a reason-
able 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 the urban renewal plan. In deter-
mining 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 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
part or parts of such contract or plan as the municipality may deter-
mine) may be recorded in the Land Records of the county in which the