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<br />- <br /> <br />~ <br /> <br />. . <br /> <br />. <br /> <br />. . . <br /> <br />3. <br /> <br />Nature of Preference. <br /> <br />The preference shall consist of the first right to purchase <br /> <br />from the Agency similar property in the project Area at the fair <br /> <br />market value thereof as determined by the Agency. or the first <br /> <br />right to lease similar property in the Project Area at the rent <br /> <br />established by the owner thereof. <br /> <br />(Such similar property is <br /> <br />hereinafter referred to as the "new location.") <br /> <br />Preferences <br /> <br />shall not be transferable or assignable. <br /> <br />Preferences may be <br /> <br />consolidated with the prior written consent of the Agency for <br /> <br />joint redevelopment of new locations by groups of individuals, <br /> <br />joint ventures, partnerships and corporations. <br /> <br />4. <br /> <br />Compliance with Redevelopment Plan. <br /> <br />New locations shall be on parcels delineated by the Agency <br /> <br />and shall be developed, used and maintained in accordance with the <br /> <br />Redevelopment Plan for the Project Area. <br /> <br />5. <br /> <br />Reqistration of owners and occupants of old locations <br /> <br />desirinq to re-enter business in the proiect Area. <br /> <br />To be entitled to the preference the owners or occupants of <br /> <br />old locations must, prior to losing possession thereof. register <br /> <br />with the Agency their desire to re-enter business in the Project <br /> <br />Area. <br /> <br />Such registration shall be made on forms provided by the <br /> <br />Agency and shall consist of detailed information regarding the old <br /> <br />location and the desired new location. <br /> <br />The Agency will maintain <br /> <br />each registration on file until the same is withdrawn. a new <br /> <br />location is secured, or reasonable preference as determined by the <br /> <br />Agency has been extended to and rejected by the registrant. <br /> <br />-2- <br /> <br />f <br />