Page:United States Statutes at Large Volume 101 Part 3.djvu/285

 PUBLIC LAW 100-233—JAN. 6, 1988

101 STAT. 1583

"(B) NOTICE.—Notice of the opportunity in subparagraph (A) shall be provided to the previous owner by certified mail, and the previous owner shall have 15 days in which to submit an offer to purchase the property at such price or under such terms and conditions. "(c) APPLICATION OF RIGHT OF FIRST REFUSAL TO LEASING OF PROPERTY.— "(1) ELECTION TO LEASE AND NOTIFICATION.—Within 15 days

after an institution of the System first elects to lease acquired real estate, or any portion of such real estate, the institution shall notify the previous owner by certified mail of the owner's right— "(A) to lease the property at a rate equivalent to the appraised rental value of the property, as established by an accredited appraiser; or "(B) to offer to lease the property at a rate that is less than the appraised rental value of the property. "(2) EuGiBiLiTY TO LEASE.—To be eligible to lease the property under paragraph (1), the previous owner must, within 15 days after receiving the notice required by such paragraph, submit an offer to lease the property. "(3) MANDATORY LEASE.—An institution of the System receiving an offer from the previous owner to lease the property at a rate equivalent to the appraised rental value of the property shall, within 15 days after the receipt of such offer, accept such offer and lease the property to the previous owner unless the institution determines that the previous owner— "(A) does not have the resources available to conduct a successful farming or ranching operation; or "(B) cannot meet all of the payments, terms, and conditions of such lease. "(4) PERMISSIVE LEASE.—An institution of the System receiv-

ing an offer from the previous owner to lease the property at a rate that is less than the appraised rental value of the property may accept such offer and lease the property to the previous owner. "(5) NOTICE TO PREVIOUS OWNER.—An institution of the System receiving an offer from the previous owner to lease the property at a rate less than the appraised rental value of the property shall notify the previous owner of its acceptance or rejection of the offer within 15 days after the receipt of such offer. "(6) REJECTION OF OFFER OF PREVIOUS OWNER.— "(A) DUTIES OF INSTITUTION.—An institution

of the System rejecting an offer from the previous owner to lease the property at a rate less than the appraised rental value of the property may not lease the property to any other person— "(i) at a rate equal to or less than that offered by the previous owner; or "(ii) on different terms and conditions than those that were extended to the previous owner, without first affording the previous owner an opportunity to lease the property at such rate or under such terms and conditions. "(B) NOTICE.—Notice of the opportunity described in subparagraph (A) shall be given to the previous owner by

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