Section 6. In the event The General State Authority has title to or any other equity or interest in any specified area of land or improvements thereto herein authorized to be conveyed, which title, equity or interest has been pledged to collateralize outstanding indebtedness of said authority, conveyance of such land and improvements thereto shall be deferred and such title, equity or interest therein shall remain with The General State Authority or its successor agency until such time as all indebtedness, other than general obligation indebtedness, outstanding with respect to such land and improvements thereto has been fully paid: Provided, That upon full payment of the aforesaid outstanding indebtedness, all title, equity or other interest of The General State Authority or its successor in the aforesaid land and improvements thereon shall terminate and said land and improvements thereon shall be conveyed in accordance with this act: And provided further, That after the effective date of this act, no additional indebtedness shall be incurred by The General State Authority or its successor agency, with respect to the aforesaid land or improvements thereto, the effect of which would be to extend the period of duration of the title, equity or interest of The General State Authority or its successor agency in such land: And provided further, That after conveyance of the aforesaid land and improvements thereon, the Commonwealth of Pennsylvania shall have the right to lease said land and improvements thereon and if within one year after the conveyance such right is exercised, the City of Philadelphia shall lease said land and improvements thereon to the Commonwealth for a reasonable rental, which rental shall take into consideration any undepreciated cost of improvements which the Commonwealth of Pennsylvania may have made in such land and improvements thereon, and under such other terms and condition agreeable to both parties.
Following the conveyance of the aforesaid land and improvements thereon in accordance with this section, if there remains outstanding any general obligation indebtedness incurred by the Commonwealth with respect to such land and improvements thereon, said indebtedness shall remain the obligation of the Commonwealth.