§ 459e-3. — Retention by owner of right of use and occupancy of improved property for residential purposes.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 16USC459e-3]
TITLE 16--CONSERVATION
CHAPTER 1--NATIONAL PARKS, MILITARY PARKS, MONUMENTS, AND SEASHORES
SUBCHAPTER LXIII--NATIONAL SEASHORE RECREATIONAL AREAS
Sec. 459e-3. Retention by owner of right of use and occupancy of
improved property for residential purposes
(a) Time limit; value of reserved right
Owners of improved property acquired by the Secretary may reserve
for themselves and their successors or assigns a right of use and
occupancy of the improved property for noncommercial residential
purposes for a term that is not more than twenty-five years. The value
of the reserved right shall be deducted from the fair market value paid
for the property.
(b) Termination of right; compensation
A right of use and occupancy reserved pursuant to this section shall
be subject to termination by the Secretary upon his determination that
the use and occupancy is not consistent with an applicable zoning
ordinance approved by the Secretary in accordance with the provisions of
section 459e-2 of this title, and upon tender to the owner of the right
an amount equal to the fair market value of that portion of the right
which remains unexpired on the date of termination.
(Pub. L. 88-587, Sec. 4, Sept. 11, 1964, 78 Stat. 931.)
Section Referred to in Other Sections
This section is referred to in sections 459e-1, 459e-2, 459e-5,
459e-6, 459e-7, 459e-9 of this title.
