(1) Any advertisement or advertising structure in existence on July 1, 1988, and which does not conform to the requirements of Sections 55-13-33 through 55-13-45 may be maintained for the life of such advertisement or advertising structure, provided that the State Highway Department may acquire by purchase, gift or condemnation all such advertisements and advertising structures and all property rights pertaining thereto. All condemnation proceedings shall be in accordance with such procedure as generally established by law.

(2) In any acquisition, purchase or condemnation by the State Highway Department under subsection (1) of this section, just compensation to the owner of the advertisement or advertising or advertising structure, where the owner of the outdoor advertising does not own the fee, shall be limited to the fair market value at the time of the taking of the advertising owner’s interest in the real property on which the outdoor advertising is located and such value shall include the value of the advertising.

(3) In any acquisition, purchase or condemnation by the State Highway Department under subsection (1) of this section, just compensation to the owner of the fee or other interest in the real property upon which the advertising is located, where the owner does not own the advertising located thereon, shall be limited to the difference in the fair market value of the entire tract immediately before and immediately after the taking by the department of the right to erect and maintain such advertising thereon. In arriving at the fair market value after the taking, any special or general benefits accruing to the property by reason of the acquisition shall be taken into consideration.

(4) In any acquisition, purchase or condemnation by the State Highway Department under subsection (1) of this section, just compensation to the owner of the fee in the real property upon which the advertising is located, where the owner also owns the advertising located thereon, shall be limited to the fair market value of the advertising plus the difference in the fair market value of the entire tract immediately before and immediately after the taking by the State Highway Department of the right to erect and maintain such advertising thereon. In arriving at the fair market value after the taking, any special or general benefits accruing to the property by reason of the acquisition shall be taken into consideration.