J. MILLARD TAWES, Governor                     1493

(b)  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 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 pro-
posed 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, edu-
cational or other uses or for public use, or may retain such prop-
erty 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 necessary or de-
sirable to assist in prevention of the development or spread of future
slums or blighted areas or to otherwise carry out the purposes of
this subheading. 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 de-
termine 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 the 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 or by the municipality
retaining the property; and the objectives of such plan for the pre-
vention 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 prior
written consent of the municipality until he has completed the con-
struction of any or all improvements which he has obligated him-
self to construct thereon. Real property acquired by the munici-
pality which, in accordance with the provisions of the urban renewal
plan, it to be transferred, shall be transferred as rapidly as feasible
in the public interest consistent with the carrying out of the pro-
visions 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