PUBLIC LAW 107-335—DEC. 16, 2002 116 STAT. 2879 heir, executor, or assign of the leaseholder with respect to that leasehold interest. (4) PROPERTY.— The term "Property" means any of the cabin sites comprising the Properties. (5) PROPERTIES. —The term "Properties" means all the real property comprising 403 cabin sites under the administrative jurisdiction of the Bureau of Reclamation that are located along the western portion of the reservoirs in Elephant Butte State Park and Caballo State Park, New Mexico, including easements, roads, and other appurtenances. The exact acreage and legal description of such real property shall be determined by the Secretary after consulting with the Purchaser. (6) PURCHASER. — The term "Purchaser" means the Elephant Butte/Caballo Leaseholders Association, Inc., a nonprofit corporation established under the laws of New Mexico. (7) RESERVOIRS. —The term "reservoirs" means the Elephant Butte Reservoir and the Caballo Reservoir in the State of New Mexico. (8) SECRETARY. —The term "Secretary" means the Secretary of the Interior. SEC. 4. CONVEYANCE OF PROPERTIES. (a) IN GENERAL. —The Secretary shall convey to the Purchaser in accordance with this Act, subject to valid existing rights, all right, title, and interest of the United States in and to the Properties and all appurtenances thereto, including specifically easements for— (1) vehicular access to each Property; (2) drainage; and (3) access to and the use of all ramps, retaining walls, and other improvements for which access is provided under the leases that apply to the Properties as of the date of the enactment of this Act. (b) COI^JSIDERATION.—As consideration for any conveyance under this section, the Secretary shall require the Purchaser to pay to the United States fair market value of the Properties. SEC. 5. TERMS OF CONVEYANCE. (a) SPECIFIC CONDITIONS. — As conditions of any conveyance to the Purchaser under this Act, the Secretary shall require the following: (1) LEASEHOLDERS' OPTION.— The Purchaser shall grant to each Lessee of a Property an option— (A) to purchase the Property at fair market value; or (B) to continue leasing the Property on terms to be negotiated with the Purchaser. (2) ADMINISTRATIVE COSTS.— Any reasonable administrative cost incurred by the Secretary incident to the conveyance under section 6 shall be reimbursed by the Purchaser. (b) RESTRICTIVE USE COVENANT.— (1) IN GENERAL.— To maintain the unique character of the area in the vicinity of the Reservoirs, the Secretary shall establish, by the terms of conveyance, use restrictions to carry out paragraph (2) that— (A) are appurtenant to, and run with, each Property; and
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