16 U.S.C. § 425m : US Code - Section 425M: Retained rights

Search 16 U.S.C. § 425m : US Code - Section 425M: Retained rights

(a) Retention of use and occupancy
With the exception of property which the Secretary determines is
necessary for development or public use, the owner or owners of
improved property acquired pursuant to sections 425k to 425o of
this title may retain a right of use and occupancy of such improved
property for noncommercial residential purposes for a definite term
of not more than twenty-five years, or for a term ending at the
death of the owner or the owner's spouse. The owner shall elect the
term to be reserved, except that if the owner is a corporation,
trust, partnership, or any entity other than an individual, the
term shall not exceed twenty-five years. Ownership shall be
determined as of June 1, 1989. Unless the property is wholly or
partially donated, the Secretary shall pay to the owner the fair
market value of the property on the date of such acquisition, less
the fair market value of the right retained by the owner.
(b) Terms and conditions
Any rights retained pursuant to this section shall be subject to
such terms and conditions as the Secretary may prescribe and may be
terminated by the Secretary upon his determination and after
reasonable notice to the owner thereof that such property is being
used for any purpose which is incompatible with the administration,
protection, or public use of the park. Such right shall terminate
by operation of law upon notification of the owner by the Secretary
and tendering to the owner an amount equal to the fair market value
of that portion of the right which remains unexpired.
(c) "Improved property" defined
As used in this section, the term "improved property" means a
year-round noncommercial single-family dwelling together with such
land, in the same ownership as the dwelling, as the Secretary
determines is reasonably necessary for the enjoyment of the
dwelling for single-family residential use.