; and (B) the project meets all other requirements set forth in this chapter. . 185. Grandfathering of certain deed agreements granting through-the-fence access to general aviation airports Section 47107(s) of title 49, United States Code, is amended by adding at the end the following: (3) Exemption The terms and conditions of paragraph (2) shall not apply to an agreement described in paragraph (1) made before the enactment of the FAA Modernization and Reform Act of 2012 ( Public Law 112–95 ) that the Secretary determines does not comply with such terms and conditions but involves property that is subject to deed or lease restrictions that are considered perpetual and that cannot readily be brought into compliance. However, if the Secretary determines that the airport sponsor and residential property owners are able to make any modification to such an agreement on or after the date of enactment of this paragraph, the exemption provided by this paragraph shall no longer apply. . 186. Stage 3 aircraft study (a) Study Not later than 180 days after the date of enactment of this Act, the Comptroller General of the United States shall initiate a review of the potential benefits, costs, and other impacts that would result from a phaseout of covered stage 3 aircraft. (b) Contents The review shall include— (1) a determination of the number, types, frequency of operations, and owners and operators of covered stage 3 aircraft; (2) an analysis of the potential benefits, costs, and other impacts to air carriers, general aviation operators, airports, communities surrounding airports, and the general public associated with phasing out or reducing the operations of covered stage 3 aircraft, assuming such a phaseout or reduction is put into effect over a reasonable period of time