Page:United States Statutes at Large Volume 75.djvu/328

 288

PUBLIC LAW 87-126-AUG. 7, 1961

[75 8 T A T.

therefor not more than the fair market value of any acquisitions which he makes by purchase under this Act. (c) I n exercising his authority to acquire property by exchange, the Secretary may accept title to any non-Federal property located within such area and convey to the grantor of such property any federally owned property under the jurisdiction of the Secretary within such area. The properties so exchanged shall be approximately equal in fair market value: Provided, That the Secretary may accept cash from or pay cash to the grantor in such an exchange in order to equalize the values of the properties exchanged. Report to ConThe Secretary shall report to the Congress on every exchange cargress. ried out under authority of this Act within thirty days from its consummation, and each such report shall include a statement of the fair market values of the properties involved and of any cash equalization payment made or received. "Fair (d) As used in this Act the term "fair market value" shall mean value." the fair market value as determined by the Secretary, who may in his discretion base his determination on an independent appraisal obtained by him. Notice. SEC. 3. (a) As soon as practicable after the date of enactment of this P ub l i e ation in F. R Act and following the acquisition by the Secretary of an acreage in the area described in section 1 of this Act that is in the opinion of the Secretary efficiently administrable to carry out the purposes of this Act, the Secretary shall establish Cape Cod National Seashore by the publication of notice thereof in the Federal Register. (b) Such notice referred to in subsection (a) of this section ^ a l l contain a detailed description of the boundaries of the seashore which shall encompass an area as nearly as practicable identical to the area described in section 1 of this Act. The Secretary shall forthwith after the date of publication of such notice in the Federal Register (1) send a copy of such notice, together with a map showing such boundaries, by registered" or certified mail to the Governor of the Commonwealth of Massachusetts and to the board of selectmen of each of the towns referred to in section 1 of this Act; (2) cause a copy of such notice and map to be published in one or more newspapers which circulate in each of such towns; and (3) cause a certified copy of such notice, a copy of such map, and a copy of this Act to be recorded at the registry of deeds for Barnstable County, Massachusetts. Acquisition by SEC. 4. (a)(1) The beneficial owner or owners, not being a corporacondemnation. tion, of a freehold interest in improved property which the Secretary Provisions. acquires by condemnation may elect, as a condition to such acquisition, to retain the right of use and occupancy of the said property for noncommercial residential purposes for a term of twenty-five years, or for such lesser time as the said owner or owners may elect at the time of such acquisition. (2) The beneficial owner or owners, not being a corporation, of a freehold estate in improved property which property the Secretary acquires by condemnation, who held, on September 1, 1959, with respect to such property, an estate of the same nature and quality, may elect, as an alternative and not in addition to whatever right of election he or they might have under paragraph (1) of this subsection, to retain the ri^ht of use and occupancy of the said property for noncommercial residential purposes (i) for a term limited by the nature and quality of his or their said estate, if his or their said estate is a life estate or an estate pur auter vie, or (ii) for a term ending at the death of such owner or owners, or at the death of the survivor of them, if his or their said estate is an estate of fee simple. (3) Where such property is held by a natural person or persons for his or their own life or lives or for the life or lives of another

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