25 U.S.C. § 1704 : US Code - Section 1704: Option agreements to purchase private settlement lands

Search 25 U.S.C. § 1704 : US Code - Section 1704: Option agreements to purchase private settlement lands

(a) Acceptance of option agreement assignments; reasonableness of
terms and conditions
The Secretary shall accept assignment of reasonable two-year
option agreements negotiated by the Governor of the State of Rhode
Island or his designee for the purchase of the private settlement
lands: Provided, That the terms and conditions specified in such
options are reasonable and that the total price for the acquisition
of such lands, including reasonable costs of acquisition, will not
exceed the amount specified in section 1703 of this title. If the
Secretary does not determine that any such option agreement is
unreasonable within sixty days of its submission, the Secretary
will be deemed to have accepted the assignment of the option.
(b) Amount of payment
Payment for any option entered into pursuant to subsection (a) of
this section shall be in the amount of 5 per centum of the fair
market value of the land or natural resources as of the date of the
agreement and shall be paid from the fund established by section
1703 of this title.
(c) Limitation on option fees
The total amount of the option fees paid pursuant to subsection
(b) of this section shall not exceed $175,000.
(d) Application of option fee
The option fee for each option agreement shall be applied to the
agreed purchase price in the agreement if the purchase of the
defendant's land or natural resources is completed in accordance
with the terms of the option agreement.
(e) Retention of option payment
The payment for each option may be retained by the party granting
the option if the property transfer contemplated by the option
agreement is not completed in accordance with the terms of the
option agreement.