No State funds for capital grants under the provisions of section 4(a) of this act shall be disbursed until the department, after ratification of the bid by the Governor, as specified in section ten, has entered into a contract with the bidder embodying suitable guarantees as to the erection, maintenance and management of the proposed housing project in accordance with the purposes of this act, and including provision for--
(1) the termination of the Commonwealth's powers and responsibilities with respect to said project after a specified term of not less than twenty-eight years;(2) an agreement that the bidder shall not voluntarily subject the premises to any lien or mortgage other than such as may be specified in the contract and that any transfer of the project or any assignment of investor's interest under the agreement shall be subject to all the terms of the contract and this act and shall not relieve the investor of the investor's obligations under the contract;(3) provisions that the scale of rentals and tenant income limitations originally agreed upon may at some later date be modified by action of the department, upon petition by the bidder, so as to recognize charges in general or local economic conditions; and(4) such other provisions as the department determines are necessary to carry out the purposes of this act.1949, May 20, P.L. 1633, § 11. Reenacted and amended 1956, April 12, P.L. (1955) 1449, No. 477, § 3.