In any contract with the Federal Government for financial assistance to the University, the University may obligate itself (which obligation shall be specifically enforceable and shall not constitute a mortgage, notwithstanding any other laws) to convey the project or part thereof in the event of a substantial default (as defined in such contract) with respect to the covenants or conditions to which the University is subject. The contract may further provide that in the case of such conveyance, the Federal Government may complete, operate, manage, lease, convey or otherwise deal with the project in accordance with the terms of such contract; provided, that the contract requires that, as soon as practicable after the Federal Government is satisfied that all defaults with respect to the project or part thereof have been cured and that the project will thereafter be operated in accordance with the terms of the contract, the Federal Government shall reconvey to the University the project as then constituted.