; and (bb) the 1 or more eligible entities described in subclause (I) of that clause that own the land will, in a timely manner after the acquisition of the agricultural land easement described in item (aa), transfer ownership of the land to a farmer or rancher that is not an eligible entity, pursuant to a contract with a willing buyer, subject to subparagraph (B)(ii); and (II) the Secretary shall be reimbursed for the entirety of the Federal share of the cost of the agricultural land easement by the eligible entities described in clause (i) if the eligible entities described in subclause (I)(bb) fail to transfer ownership in accordance with that subclause. (B) Requirements (i) Timing of acquisition of agricultural land easement After entering into an arrangement described in subparagraph (A), the Secretary shall provide to the applicable 1 or more eligible entities a period of sufficient time, which shall be not less than 3 years, to secure an agricultural land easement on the applicable land. (ii) Transfer of land to farmer or rancher (I) Timing (aa) In general Subject to item (bb), a transfer of land described in subparagraph (A)(ii)(I)(bb) shall be completed by the date that is 3 years after the date on which an agricultural land easement is acquired with respect to that land. (bb) Extension The Secretary may extend the time for completing a transfer described in item (aa) if the Secretary determines that an extension of time is justified. (II) No limitations on terms The Secretary may not impose any limitations on the terms of a contract described in subparagraph (A)(ii)(I)(bb) between 1 or more eligible entities and a farmer or rancher. . (c) Definition of eligible land Section 1265A(4)(A)(i) of the Food Security Act of 1985 ( 16 U.S.C. 3865a(4)(A)(i) ) is amended— (1) in subclause (I), by striking or after the semicolon at the end; (2) by redesignating subclause (II) as subclause (III); and (3) by inserting after subclause (I) the following: (II) a transaction described in section 1265B(e)(1)(B)