25 U.S. Code § 1704 - Option agreements to purchase private settlement lands
The Secretary shall accept assignment of reasonable two-year option agreements negotiated by the Governor of the State of Rhode Island or his designee for the purchase of the private settlement lands:
Payment for any option entered into pursuant to subsection (a) shall be in the amount of 5 per centum of the fair market value of the land or natural resources as of the date of the agreement and shall be paid from the fund established by section 1703 of this title.
The total amount of the option fees paid pursuant to subsection (b) shall not exceed $175,000.
The option fee for each option agreement shall be applied to the agreed purchase price in the agreement if the purchase of the defendant’s land or natural resources is completed in accordance with the terms of the option agreement.
The payment for each option may be retained by the party granting the option if the property transfer contemplated by the option agreement is not completed in accordance with the terms of the option agreement.
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