(4) Lands now owned by corporations or other entities which
 would not be eligible to receive project water according to prq-
 visions of Section 4 above, shall lose their eligibility to receive
 project water if, within five years from the date of enactment of
 this Act such owners have not become qualified or transferred
 their ownership to qualifying adult resident individuals or family
 entities.
 (5) With respect to lessees of lands receiving project water,
 residency shall be required upon the termination of a valid writ-
 ten lease (existing as of January 1, 1978) or 5 years from the
 date of enactment of this Act, whichever is greater. Owners/
 lessors shall be subject to provisions above relating to ownership."

 ACREAGE LIMITATIONS
 Change Sec. 3 to Sec. 6 and substitute the following:
 "Sec. 6. (a) Notwithstanding any other provisions of law, for the
purposes of administering Federal Reclamation laws, no project water
shall be delivered to any lands in excess of 320 acres owned by any
one resident adult individual.
 (b) Each resident adult owner may receive project water for an ad-
ditional amount of leased land, which when added to the land owned
does not exceed 480 acres. However, in no event may an individual
adult owner own more than 320 acres of land receiving project water.
All 480 acres of a single entitlement receiving project water may be
leased land if none is owned.
 (c) A resident adult individual may receive project water for
land owned and/or leased jointly with one other resident adult indi-
vidual, related or unrelated, provided that the total land owned
does not exceed 640 acres and the total farm size of owned and leased
land does not exceed 960 acres.
 (d) The Secretary may allow other multiple ownership arrange-
ments including trusts, partnerships, joint tenancies, and corporations
to involve larger operating units provided eligibility requirements
of Section 4(c) are met, and provided further that the total farm size
of owned and leased land does not exceed 960 acres.
 (e) Nothing in this Act shall repeal or amend existing statutory
exemptions from acreage limitations of the reclamation laws.
 (f) The acreage limits in the Act shall be determined without
regard to project or district lines.
 (g) Implementation of Acreage Limitations
 (1) Acreage limitations contained in this Act will apply im-
 mediately to any purchases or leases of lands, excess or non-excess,
 occurring after January 1, 1978.
 (2) Lands currently under recordable contract as of enactment
 of this Act will retain their eligibility to receive project water
 during the term of the recordable contract.
 (3) In circumstances where lands are subject to an existing,
 valid recordable contract entered into prior to enactment of this
 Act, and where lands formerly considered excess may fall within
 acreage limitations imposed by this Act, the Secretary is author-
 ized to renegotiate such recordable contracts to reflect new limita-
 tions, if requested by the holders of those contracts and provided