§ 460m-2. — Reservation of use and occupancy of improved property for noncommercial residential purposes; term; valuation.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 16USC460m-2]
TITLE 16--CONSERVATION
CHAPTER 1--NATIONAL PARKS, MILITARY PARKS, MONUMENTS, AND SEASHORES
SUBCHAPTER LXX--OZARK NATIONAL SCENIC RIVERWAYS
Sec. 460m-2. Reservation of use and occupancy of improved
property for noncommercial residential purposes; term; valuation
Any owner or owners, including beneficial owners (hereinafter in
this section referred to as ``owner''), of improved property on the date
of its acquisition by the Secretary may, as a condition to such
acquisition, retain the right of use and occupancy of the improved
property for noncommercial residential purposes for a term ending at the
death of such owner, or the death of his spouse, or at the death of the
survivor of either of them. The owner shall elect the term to be
reserved. The Secretary shall pay to the owner the fair market value of
the property on the date of such acquisition less the fair market value
on such date of the right retained by the owner.
(Pub. L. 88-492, Sec. 3, Aug. 27, 1964, 78 Stat. 608.)
