PUBLIC L.\W 104-127—APR. 4, 1996 110 STAT. 1097 "(bb) the fair market value of the property; and "(cc) the requirements of this subparagraph. "(HI) ASSUMED LOANS.—I f an Indian tribe assumes a loan under subclause (I)— "(aa) the Secretary shall not foreclose the loan because of any default that occurred prior to the date of the assumption; "(bb) the loan shall be for the lesser of the outstanding principal and interest of the loan or the fair market value of the property; and "(cc) the loan shall be treated as though the loan was made under Public Law 91-229 (25 U.S.C. 488 et seq.)."; (B) by striking paragraph (3); (C) in paragraph (4)— (i) by striking subparagraph (B); (ii) in subparagraph (A)— (I) in clause (i), by striking "(i)"; and (II) by redesignating clause (ii) as subparagraph (B); and (iii) in subparagraph (B) (as redesignated by clause (ii)(II)), by striking "clause (i)" and inserting "subparagraph (A)"; (D) by striking paragraphs (5), (6), and (9); and (E) by redesignating paragraphs (4), (7), (8), and (10) as paragraphs (3), (4), (5), and (6), respectively. SEC. 639. EASEMENTS ON INVENTORIED PROPERTY. Section 335(g) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1985(g)) is amended— (1) in paragraph (1)— (A) by striking "(g)(1) Subject to paragraphs (2) through (5)" and inserting the following: " (g) EASEMENTS ON INVENTORIED PROPERTY.— "(1) IN GENERAL.— Subject to paragraph (2)"; and (B) by striking ", as determined" and all that follows through "3801 et seq.)"; (2) by striking paragraph (2) and inserting the following: "(2) LIMITATION!—The Secretary shall not establish a wetland conservation easement on an inventoried property that— "(A) was cropland on the date the property entered the inventory of the Secretary; or "(B) was used for farming at any time during the period beginning on the date 5 years before the property entered the inventory of the Secretary and ending on the date the property entered the inventory of the Secretary."; (3) by striking paragraphs (3), (4), (5), and (8); (4) by striking "(6) The Secretary" and inserting the following: ing: "(3) NOTIFICATION.— The Secretary"; and (5) by striking "(7) The appraised" and inserting the follow- "(4) APPRAISED VALUE.— The appraised". 29-194O-96 -36:QL3Part1
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