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40 REPORT OF COLORADO RIVER COMMISSION OF NEVADA of land in reasonably compact tracts, taking into account the situation and potential uses of the land involved. All applications for transfer of title to any such land unit shall be madc to the Secretary and shall be accompanied by a development. and acquisition planning report containing such information relative to any proposed development and acquisition payment plan as may by regulation be required by the Secretary. No acquisition payment plan shall be considered by the Secretary unlcss such plan provides for payment by the State into the Treasury of the United States, within five years of the delivery of patent to the Commission, of an amount equal to the appraised fair market value of the lands conveyed. (c) At the earliest practicable date following the effective date of this Act, the Secretary shall cause an appraisal to be made of the fair market value of the lands within the entire transfer area, includ- ing mincral and material values if any; such appraisal when completed shall constitute the only basis for determining the compensation to be paid to the United States by the Commission for the transfer of any or all of the lands to which this Act is applicable. The appraisal shall be of the fair market value of the lands as of the effective date of this Act. (d) As soon as a proposed unit development and acquisition plan- ning report is found by the Secretary to comply with the provisions of this Act and with such regulations as the Secretary may prescribe as to the contents thereof, the Secretary is hereby authorized and directed to negotiate a contract Dr ,sale with the Commission and to prepare appropriate conveyancing instruments for the lands involved. Thereafter, the Secretary shall submit to the Congress, for refer- ence to the appropriate eommittecs of the House of Representatives and the Senate, copies of the Commission application, proposed unit development and acquisition planning report, and proposed contract 'Of sale and con:veyancing instruments, together with his comments and recommendations, if any. (e) No contract of sale or instrument of conveyance shall be exe- cuted by the Secretary with respect to any lands applied for by the Commission prior to sixty calendar ;days (which sixty days, however, shall not include days on which either the House of Representatives or the Senate is not in session because Dr an adjournment or more than three calendar days to a day certain) from the day on which the Secretary makes the submissions required by the preceding sub- section, unless the Congress, prior to the expiration 'Of said sixty days, approves the execution Dr such coiltract Dr sale and instrument Dr conveyance. SEC. 5. The conveyance or conveyances authorized by this Act shall be made subject to any'existing valid rights pertaining to the lands included within the transfer area. . SEC. 6. If the State selects and purchases under this Act any lands which are subject on the date the purchase by the State becomes effec- tive to a lease, permit, license or contract issued under the Mineral Leasing Act of February 25,-1920 (41 Stat. 437), as amended (39 U.S.C. 181 and the following), the State shall be required to purchase all the lands subject to that lease, permit, license, or contract which are included within the boundaries of the transfer area. The purchase Dr lands subject to a lease, permit, license, or contract shall neither affect the validity nor modify the terms of the lease, permit, license, or contract in any way, or affect any rights thereunder, except that' the State shall assume the position, of the United States thereunder, including any right to rental, royalties, and other payments accruing on or after the date on which the purchase by the State becomes effec- tive, and any right to modify the terms or conditions of such leases, permits, licenses, or contracts. . . 'I I W