§ 554 — Provisions of lease

§ 554. Provisions of lease. 1. Every lease of a project or a part\nthereof to a housing company:\n (a) shall provide that all improvements shall be the property of the\nlessor;\n (b) may require that provision be made for the retirement and\nsurrender of all outstanding shares and debentures upon the termination\nof the lease;\n (c) may reserve such easements or other rights in connection with the\nproperty as may be deemed necessary or desirable for the future planning\nand development of the municipality and the extension of public\nfacilities therein;\n (d) shall contain a provision authorizing the lessor to designate a\ndirector of the housing company; and\n (e) may contain such other provisions as are not inconsistent with the\nprovisions of this chapter.\n 2. Such lease shall not impose upon the lessor any liability or\nobligations in connection with or arising out of the financing,\nconstruction, reconstruction, alteration, management or operation of a\nproject, but such lease shall contain such provisions as may be\nnecessary to protect the interests of the authority or municipality.\n