(a) Every contract for or instrument of conveyance or lease executed by a municipality or agency for the sale, lease or development of all or part of the urban renewal project area, shall contain covenants by the grantee or lessee which shall run with the land, to effectuate the following:

1. (1) A covenant that the grantee, its successors and assigns of the land conveyed or any part thereof and any lessee of the land conveyed or any part thereof will not and shall not effect or execute any agreement, lease, conveyance, or other instrument whereby said land or any part thereof is restricted upon the basis of race, creed, color, national origin or ancestry in the sale, lease or occupancy thereof.
2. (2) A covenant that the grantee, its successors and assigns of the land conveyed or any part thereof and any lessee of the land conveyed or any part thereof will comply with all State and local laws, in effect from time to time, prohibiting discrimination or segregation by reason of race, religion, color, or national origin in the sale, lease or occupancy of the property.

(b) Every contract or purchase order between the contractor of a municipality or agency and his first tier subcontractor, or between the developer and his subcontractor, as the case may be, shall include the full text of the non discrimination clauses.

1. (1) The full text of the non discrimination clauses, may be reprinted on the reverse side of a standard purchase order or be included as an attachment, provided that a statement is included that the clauses printed on the reverse side or on the attachment applies to all purchases.
2. (2) Said non discrimination clauses need not be contained in contracts between a first and second tier subcontractor.