In any contract for financial assistance with the federal government, the corporation may obligate itself to convey possession or title to the redevelopment project and land to the federal government, when the contract relates to the project and the land, upon the occurrence of a substantial default. This obligation is not a mortgage. The obligation is specifically enforceable. The contract may provide that in case of the conveyance, the federal government may complete, operate, manage, lease, convey, or otherwise deal with the redevelopment project in accordance with the terms of the contract; however, it shall then require that, as soon as practicable after the federal government is satisfied that all defaults have been cured and that the redevelopment project will be operated in accordance with the terms of the contract, the federal government shall reconvey the redevelopment project to the corporation.
Section: Previous 18.55.540 18.55.550 18.55.560 18.55.570 18.55.580 18.55.590 18.55.600 18.55.610 18.55.620 18.55.630 18.55.640 18.55.650 18.55.660 18.55.670 18.55.680 NextLast modified: November 15, 2016