; and (ii) shall not be considered a sale, exchange, or conveyance for purposes of section 203, 205, 206, or 209 of the Federal Land Policy and Management Act of 1976 ( 43 U.S.C. 1713 , 1715, 1716, 1719). (2) Relinquishment and conveyance by State (A) In general As consideration for the conveyance of unappropriated Federal land under paragraph (1), on the date on which the unappropriated Federal land is conveyed to the State, the State shall concurrently relinquish and convey to the Secretary all right, title, and interest of the State in and to the State land grant parcel identified for relinquishment under subsection (a)(1). (B) Title The State shall convey to the Secretary title, free of any financial claims, liabilities, or other financial encumbrances, to all parcels relinquished under subparagraph (A). (C) Limitation Relinquishment and conveyance by the State of a State land grant parcel under this Act shall not be considered an exchange or acquisition for purposes of section 205 or 206 of the Federal Land Policy and Management Act of 1976 ( 43 U.S.C. 1715 , 1716). (c) Succession to rights and obligations Each party to which land is conveyed under this Act shall, to the fullest extent allowable under Federal and State law, succeed to the rights and obligations of the conveying party with respect to any lease, right-of-way, permit, or other valid existing right to which the land is subject. (d) Management after relinquishment (1) Reservation If a State land grant parcel relinquished by the State and conveyed to the Secretary under this Act is located wholly or partially within the boundaries of any reservation, on request of the applicable Indian Tribe, the portion of the State land grant parcel located within the boundaries of the reservation shall be— (A) taken into trust by the Secretary on behalf of, and for the benefit of, the Indian Tribe on the date of the conveyance