Land exchange, Walton and Bay Counties, Florida

(a) In general Upon conveyance, by warranty deed acceptable to the Secretary, by The St. Joe Company to the United States of all right, title, and interest in and to the non-Federal land, the Secretary shall release, by quitclaim deed, to The St. Joe Company, all interests held by the United States in any easements on the covered land other than the interests described in the covered easement. (b) Consideration As consideration for the conveyance and release of interests under subsection (a), The St. Joe Company shall pay to the Secretary an amount equal to the difference between the fair market value of the interests the Secretary is releasing under subsection (a) and the fair market value of the non-Federal land, as determined by an appraised value mutually agreed upon by the Secretary and The St. Joe Company. (c) Deadline The conveyance and release of interests under subsection (a) shall be completed not later than 180 days after the date of enactment of this Act. (d) Applicability of property screening provisions Section 2696 of title 10, United States Code, shall not apply to any conveyance under this section. (e) Costs of conveyance The St. Joe Company shall be responsible for all reasonable and necessary costs, including real estate transaction and environmental documentation costs, associated with any conveyance or release of easements under this section. (f) Liability The St. Joe Company shall hold the United States harmless from any liability with respect to activities carried out, on or after the date of the conveyance, on the real property conveyed under this section. The United States shall remain responsible for any liability with respect to activities carried out, before such date, on the real property conveyed. (g) Additional terms and conditions The Secretary may require that any conveyance or release of interests under this section be subject to such additional terms and conditions as the Secretary considers necessary and appropriate to protect the interests of the United States. (h) Definitions In this section: (1) Covered easement The term covered easement means any non-exclusive, perpetual easement on the covered land, which grants the Secretary the right, to maintain the following easements as set forth in the nonstandard estate language: (A) The channel maintenance and operations easement. (B) The ingress and egress easement. (C) The drainage trench easement. (2) Covered land The term covered land means the approximately 79.60 acres of land in Bay County and Walton County, Florida, as generally depicted on the map entitled Boundary Survey Giles Land Swap Intracoastal Waterway Parcel Bay County and Walton County, Florida, prepared by Dewberry Engineers, Inc., and dated January 26, 2021, under Project Number 50135600. (3) Non-Federal land The term non-Federal land means the approximately 103.49 acres of land in Bay County, Florida, as generally depicted as Parcel B on the map entitled Description Sketch Land Exchange (USACE/SJC) East Bay Parcel SEC. 13, T–5–S, R–12–W Bay County, Florida, prepared by Dewberry Engineers, Inc., and dated September 28, 2021, under Project Number 50145235. (4) The St. Joe Company The term The St. Joe Company means The St. Joe Company, headquartered in Panama City Beach, Florida, originally incorporated in 1936, and previously known as the St. Joe Paper Company.

(a) In general Upon conveyance, by warranty deed acceptable to the Secretary, by The St. Joe Company to the United States of all right, title, and interest in and to the non-Federal land, the Secretary shall release, by quitclaim deed, to The St. Joe Company, all interests held by the United States in any easements on the covered land other than the interests described in the covered easement. (b) Consideration As consideration for the conveyance and release of interests under subsection (a), The St. Joe Company shall pay to the Secretary an amount equal to the difference between the fair market value of the interests the Secretary is releasing under subsection (a) and the fair market value of the non-Federal land, as determined by an appraised value mutually agreed upon by the Secretary and The St. Joe Company. (c) Deadline The conveyance and release of interests under subsection (a) shall be completed not later than 180 days after the date of enactment of this Act. (d) Applicability of property screening provisions Section 2696 of title 10, United States Code, shall not apply to any conveyance under this section. (e) Costs of conveyance The St. Joe Company shall be responsible for all reasonable and necessary costs, including real estate transaction and environmental documentation costs, associated with any conveyance or release of easements under this section. (f) Liability The St. Joe Company shall hold the United States harmless from any liability with respect to activities carried out, on or after the date of the conveyance, on the real property conveyed under this section. The United States shall remain responsible for any liability with respect to activities carried out, before such date, on the real property conveyed. (g) Additional terms and conditions The Secretary may require that any conveyance or release of interests under this section be subject to such additional terms and conditions as the Secretary considers necessary and appropriate to protect the interests of the United States. (h) Definitions In this section: (1) Covered easement The term covered easement means any non-exclusive, perpetual easement on the covered land, which grants the Secretary the right, to maintain the following easements as set forth in the nonstandard estate language: (A) The channel maintenance and operations easement. (B) The ingress and egress easement. (C) The drainage trench easement. (2) Covered land The term covered land means the approximately 79.60 acres of land in Bay County and Walton County, Florida, as generally depicted on the map entitled Boundary Survey Giles Land Swap Intracoastal Waterway Parcel Bay County and Walton County, Florida, prepared by Dewberry Engineers, Inc., and dated January 26, 2021, under Project Number 50135600. (3) Non-Federal land The term non-Federal land means the approximately 103.49 acres of land in Bay County, Florida, as generally depicted as Parcel B on the map entitled Description Sketch Land Exchange (USACE/SJC) East Bay Parcel SEC. 13, T–5–S, R–12–W Bay County, Florida, prepared by Dewberry Engineers, Inc., and dated September 28, 2021, under Project Number 50145235. (4) The St. Joe Company The term The St. Joe Company means The St. Joe Company, headquartered in Panama City Beach, Florida, originally incorporated in 1936, and previously known as the St. Joe Paper Company.