CONTRACTS ON LOAN SECURITY PROPERTIES.

SEC. 642. CONTRACTS ON LOAN SECURITY PROPERTIES. Section 349 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1997) is amended— (1) by striking subsection (b) and inserting the following: “(b) Contracts on Loan Security Properties.— Subject to subsection (c), the Secretary may enter into a contract related to real property for conservation, recreation, or wildlife purposes.”; (2) in subsection (c)— (A) by striking “(c) Such easement” and all that follows through “if—” and inserting the following: “(c) Limitations.— The Secretary may enter into a contract under subsection (b) if—”; (B) in paragraph (2), by adding “and” at the end; (C) in paragraph (3)— (i) by striking subparagraph (B); (ii) by striking “(3)(A)(i)” and inserting “(3)(A)”; (iii) by striking “Farmers Home Administration” and inserting “Secretary”; (iv) by striking “(ii) such easement” and inserting “(B) such contract”; and (v) by striking “; or” and inserting a period; and (D) by striking paragraph (4); (3) in subsection (d), by striking “easement” each place it appears and inserting “contract”; (4) in subsection (e)— (A) in paragraph (1)— (i) in the matter preceding subparagraph (A), by striking “purchase any such easement from the borrower—” and inserting “reduce or forgive the outstanding debt of a borrower—”; (ii) by striking “easement” each place it appears and inserting “contract”; and (iii) by striking “Farmers Home Administration” each place it appears and inserting “Secretary”; and (B) in paragraph (2)(A), by striking “easement is acquired” and inserting “contract is entered into”; (5) in subsection (f)— (A) in paragraph (1), by striking “acquire easements” and inserting “enter into contracts”; and (B) in paragraphs (2) and (3), by striking “easements” each place it appears and inserting “contracts”; and (6) in subsection (g), by striking “an easement acquired” and inserting “a contract entered into”.