that the landowners making the request currently meet eligibility
 requirements provided in this Act. Any such renegotiated con-
 tracts shall not extend the term for sale of lands deemed excess
 beyond the time originally agreed.
 (4) Multiple ownerships which did not meet eligibility criteria
 of sec. 4 of this Act as of January 1, 1978 shall have 5 years from
 the date of enactment of this Act within which to conform to the
 requirements of this Act, to transfer their lands to eligible owners,
 or to cease receiving project water.
 (5) Family corporations or ,any other multiple ownerships, in
 which all participants 'having a beneficial interest were in an
 immediate family relationship on January 1, 1978, need not com-
 ply with the acreage limits contained in this section which are
 more restrictive than 'any in effect on January 1, 1978 in order to
 retain their eligibility to receive project water. Lands owned by
 these family ownership arrangements will become subject to the
 acreage limits of this Act upon the first transfer of title or shares,
 however it occurs, or the addition of any new beneficial owners.
 (6) Notwithstanding the above subsections, lands held by any
 owners and/oir lessees in more than one irrigation district which
 are currently receiving water and which in total exceed acreage
 limits applied 'by this Act, shall be considered excess immedi-
 ately, and owners must place these lands under recordable con-
 tract within one year of the enactment of this Act, in order to
 continue to receive project water. The lands placed under record-
 able contract must be disposed of within 5 years. If a lessee leases
 from more than one owner and the lessee, only, is in excess status,
 then the lessee shall comply as provided in subsection (7) below.
 (7) Those lessees holding lands under a valid written lease,
 existing as of January 1, 1978, and receiving project water, shall
 be required to comply with acreage limitations imposed herein
 within 5 years or upon termination of such valid written lease,
 whichever is longer.
 (8) The acreage limitations applied by this section shall be
 subject to the provisions of section 7."

 EQUIVALENCY
 Change Sec. 4 to Sec. 7 and modify to read as follows:
 "Sec. 7. (a) Whenever an acreage limitation would be imposed by
Federal reclamation law, as modified by this Act, the Secretary may
establish the acreage of land owned and/or leased in one unit by one
resident adult individual, which may be eligible to receive project
water from, through, or by means of project works as nonexcess land,
at four hundred eight acres of class 1 land or the equivalent thereof
in other lands of lesser productive potential, as determined by the
Secretary. Equivalency may be applied on a distriot-by-district basis
and may be applied to a given district only if requested by the district
following a vote by the district membership favoring the application
of equivalency, and if the Secretary determines it is appropriate. The
Department shall use existing standards, criteria, and procedures of
the Bureau of Reclamation in classifying lands., determining the
equivalency factor, ,and in applying the equivalency policy: Provided,