Limited term; conforming use; payment for right; sale or lease of right
Any owner or owners of improved property situated within the area designated for inclusion in the lakeshore on the date of its acquisition by the Secretary may, as a condition of such acquisition, retain, for a term of not to exceed twenty-five years, or for a term ending at the death of such owner or owners, the right of use and occupancy of such property for any residential purpose which is not incompatible with the purposes of this subchapter, or which does not impair the usefulness and attractiveness of the area designated for inclusion. The Secretary shall pay to the owner the value of the property on the date of such acquisition, less the value on such date of the right retained by the owner. Where any such owner retains a right of use and occupancy as herein provided, such right during its existence may be conveyed or leased for noncommercial residential purposes in accordance with the provisions of this section.
Option to retain use of land; notice to Secretary; payment
Limitation on use in instrument evidencing right; Secretary’s power of termination of right
1
Transfer of right to member of immediate family; owner option to terminate; payment by Secretary; “member of the immediate family” defined
Pub. L. 91–479, § 1084 Stat. 1079Pub. L. 97–361, § 196 Stat. 1720(, , ; , , .)
Editorial Notes
Amendments
Pub. L. 97–361section 460x–10 of this title1982—Subsec. (b). substituted provisions granting owners and occupiers of improved lakeshore property described in the right of retention of a compatible residential use for a limited term upon notification of the Secretary and payment for the right retained for former provisions which were redesignated as subsec. (c) and amended.
Pub. L. 97–361Subsec. (c). redesignated subsec. (b) as (c), and amended it to apply expressly to any instrument evidencing any right of use and occupancy retained by any occupier under this section.
Pub. L. 97–361Subsec. (d). added subsec. (d).