Section 60Sec./Art. 60

Disposition of Expropriated Land - After separate certificates of titles have been issued in accordance with Section fifty-eight, the Land Authority, on behalf of the Republic of the Philippines and in representation of the Land Bank as the financing agency, shall allot and sell each parcel or lot to a qualified beneficiary selected under Section fifty-five of this Code, subject to uniform terms and conditions imposed by the Land Bank: Provided, That the resale shall be at cost which shall mean the purchase price not more than six per centum per annum, which shall cover administrative expenses, and actual expenses for subdivision, surveying, and registration: Provided, further, That such cost shall be paid on the basis of an amortization plan not exceeding twenty-five years at the option of the beneficiary.

In case some agricultural lessees working portions of agricultural lands acquired by the government under this Code prefer to remain as lessees thereof, which preference shall be expressed in writing and attested by a representative of the Office of Agrarian Counsel, the resale and redistribution to them shall be deferred until such time that such lessees are ready and willing to assume the obligations and responsibilities of independent owners, which shall be manifested by a written notice to this effect by the lessees and which shall oblige the Land Authority forthwith to allot and sell such portions to such lessees under the same uniform terms and conditions.

Pending the sale, such lessees shall continue to work on their landholdings and receive the produce thereof, subject, however, to the requirement that they pay the Land Bank the allowable rental established in Section thirty-four. The Land Bank shall apply the rental to the six percent added to the acquisition price and credit the balance to the acquisition cost in the name of the lessee as partial payment for the land.

The Land Authority shall administer said parcels of land during the period they are under lease. Competent management and adequate production credit shall be provided in accordance with the program developed by the Land Reform Project Team for such area.