Time limited on land reservation.

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Unless within such one-year period or extension thereof, or such period as may be established by a building moratorium ordinance hereinafter adopted with reference to flood control basins, the Borough shall have entered into a contract or purchase, or instituted condemnation proceeding, according to law, for the tract or parcel of land or property so reserved for any such purposes, such applying party shall not be bound to observe the reservation of such tract or parcel of land or property.

Ord. No. 729A § 4

                    
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