Page:United States Statutes at Large Volume 107 Part 2.djvu/37

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PUBLIC LAW 103-91—OCT. 1, 1993 107 STAT. 989 Management Law (Mont. Code Ann. sec. 77-5-301 et seq.), and all other applicable laws of the State of Montana. (2) FUTURE ACQUISITION. —The Secretary shall consider the Reports. desirability of possible acquisition, through exchange under existing law, of any of the lands described in paragraph (1), and shall, not later than one year after the date of enactment of this Act, report to the Committee on Energy and Natural Resoiirces of the Senate and the Committee on Natural Resources of the House of Representatives concerning the desirability of an exchange. (e) TIMING OF TRANSACTION. — (1) DETERMINATION. —The Secretary shall review the title for the non-Federal lands described in subsection (b), and the appraisal and titles for the non-Federal lands described in sections 4 and 5, and, within sixty days after receipt of all applicable appraisal and title documents from the Company, determine whether- — (A) the applicable title standards for Federal land acquisition have been satisfied or the quality of title is otherwise acceptable to the Secretary; (B) all draft conveyances and closing dociunents have been received and approved; (C) a current title commitment verifying compliance with applicable title standards has been issued to the Secretary; (D) the appraisals comply with applicable Forest Service standards; and (E) except as provided in section (8)(b), the title includes both the siirface and subsurface estates without reservation or exception (except by the United States or the State of Montana, by patent), including— (i) minerals or mineral rights; (ii) timber or timber rights; and (iii) any other interest in the property. (2) CONVEYANCE OF TITLE.— In the event the appraisal and/ or quality of title do not meet Federal standards or are otherwise determined imacceptable to the Secretary, the Secretary shall advise the Company regarding corrective actions necessary to make an affirmative determination under paragraph (1). The Secretary, acting through the Chief of the Forest Service, shall effect the conveyance of lands described in subsection (b)(2) not later than sixty days after the Secretary has made an affirmative determination under paragraph (1). (f) COMPLIANCE WITH OPTION. — Notwithstanding section (3)(e)(2), the Secretary shall not consummate the conveyance of lands described in subsection (b)(2) until the Secretary has determined that title to the lands described in sections 4 and 5 have been escrowed as required by the document entitled "Option Agreement for the Exchange and/or Purchase of Real Property Pursuant to the Gallatin Range Consolidation and Protection Act of 1993" (referred to in this Act as "the Option"), executed by the Company, as seller. (g) REFERENCES. —References in this Act to the Company shall include references to the successors and assigns of the Company.