Page:United States Statutes at Large Volume 112 Part 4.djvu/743

 PUBLIC LAW 105-277—OCT. 21, 1998 112 STAT. 2681-714 property for fair market valuta rent under the same terms and conditions as apply under the existing lease for the property, and shall have the right to renew the term of the existing lease for 2 consecutive 5- year terms. (ii) COMPENSATION FOR IMPROVEMENTS. —I f a lessee declines to purchase a property, the purchaser shall compensate the lessee for the fair market value, as determined pursuant to customary appraisal procedures, of all improvements made to the property by the lessee. The lessee may sell the improvements to the purchaser at any time, but the sale shall be completed by the final termination of the lease, after all renewals under clause (i). (2) CFRA.— If CFRA is the hightist bidder, or matches the highest bid, the following shall applj: (A) CLOSING.— On receipt of a purchase request from a lessee or CFRA, the Secretary shall close on the property and prepare all other properties for closing within 45 days. (B) PAYMENT. —At the closing for a property— (i) the lessee or CFRA shall deliver to the Secretary payment for the property, which the Secretary shall distribute in accordance with section 6; and (ii) the Secretary shall convey the property to the lessee or CFRA. (C) APPRAISAL. —The Secretary shall determine the purchase amount of each property based on the appraisal conducted under subsection (c)(2), the amount of the bid under subsection (c)(1), and the proportionate share of administrative costs pursuant to subsection (e). The total purchase amount for all properties shall equal the total bid amount plus administrative costs under subsection (e). (D) TIMING.—CFRA and the lessees shall purchase at least 75 percent of the properties not later than August 1 of the year that begins at least 12 months after title to the first property is conveyed by the Secretary to a lessee. (E) RIGHT TO RENEW. —The Secretary shall afford the lessees who have not purchased properties under this section the right to renew the term of the existing lease for 2 (but not more than 2) consecutive 5-year terms. (F) REIMBURSEMENT. —A lessee shall reimburse CFRA for a proportionate share of the costs to CFRA of completing the transactions contemplated by this Act, including any interest charges. (G) RENTAL PAYMENTS.— All rent received from the leases shall be distributed by the Secretary in accordance with section 6. (e) ADMINISTRATIVE COSTS.— Any reasonable administrative costs incurred by the Secretary, including the costs of survey and appraisals, incident to the conveyance under subsection (a) shall be reimbursed by the purchaser or CFRA. (f) TIMING.— The Secretary shall make every effort to complete the conveyance under subsection (a) not later than 1 year after the satisfaction of the condition established by section 8(b).

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