HARRY HUGHES, Governor                                    2059

ACCORDANCE WITH THE URBAN RENEWAL PLAN AND SUBJECT TO WHATEVER
COVENANTS, CONDITIONS AND RESTRICTIONS, INCLUDING COVENANTS
RUNNING WITH THE LAND, AS IT CONSIDERS 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 THE REAL PROPERTY ONLY TO
THE USES SPECIFIED IN THE URBAN RENEWAL PLAN, AND MAY BE
OBLIGATED TO COMPLY WITH WHATEVER OTHER REQUIREMENTS THE
MUNICIPALITY DETERMINES TO BE IN THE PUBLIC INTEREST, INCLUDING
THE OBLIGATION TO BEGIN WITHIN A REASONABLE TIME ANY IMPROVEMENTS
ON THE REAL PROPERTY REQUIRED BY THE URBAN RENEWAL PLAN. THE
REAL PROPERTY OR INTEREST MAY NOT BE SOLD, LEASED, OTHERWISE
TRANSFERRED, OR RETAINED AT 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 THE 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 THE PLAN FOR THE PREVENTION OF
THE RECURRENCE OF SLUM OR BLIGHTED AREAS. IN ANY INSTRUMENT OF
CONVEYANCE TO A PRIVATE PURCHASER OR LESSEE, THE MUNICIPALITY MAY
PROVIDE THAT THE PURCHASER OR LESSEE MAY NOT 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 ON THE PROPERTY. 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 THE TRANSFER AND THE URBAN RENEWAL PLAN (OR WHATEVER
PART OR PARTS OF THE CONTRACT OR PLAN AS THE MUNICIPALITY
DETERMINES) MAY BE RECORDED IN THE LAND RECORDS OF THE COUNTY IN
WHICH THE MUNICIPALITY IS SITUATED IN A MANNER SO AS TO AFFORD
ACTUAL OR CONSTRUCTIVE NOTICE OF IT.

(B) THE MUNICIPALITY MAY OPERATE TEMPORARILY AND MAINTAIN
REAL PROPERTY ACQUIRED BY IT IN AN URBAN RENEWAL AREA FOR OR IN
CONNECTION WITH AN URBAN RENEWAL PROJECT PENDING THE DISPOSITION
OF THE PROPERTY AS AUTHORIZED IN THIS ARTICLE, WITHOUT REGARD TO
THE PROVISIONS OF SUBSECTION (A), FOR USES AND PURPOSES
CONSIDERED DESIRABLE EVEN THOUGH NOT IN CONFORMITY WITH THE URBAN
RENEWAL PLAN.

(C) ANY INSTRUMENT EXECUTED BY THE MUNICIPALITY AND
PURPORTING TO CONVEY ANY RIGHT, TITLE OR INTEREST IN ANY PROPERTY
UNDER THIS ARTICLE SHALL BE PRESUMED CONCLUSIVELY TO HAVE BEEN
EXECUTED IN COMPLIANCE WITH THE PROVISIONS OF THIS ARTICLE
INSOFAR AS TITLE OR OTHER INTEREST OF ANY BONA FIDE PURCHASERS,
LESSEES OR TRANSFEREES OF THE PROPERTY IS CONCERNED.

SECTION 9. EMINENT DOMAIN.