(1) The state highway commission may lease land owned by the department along an interstate highway, freeway or primary highway in business areas or unzoned, commercial or industrial areas, to the owner or operator of any gasoline station, repair garage, restaurant, lodging facility, retail store, tourist attraction or to sports, cultural, educational, charitable, service, religious or civic organizations, for the purpose of erecting and maintaining a sign, the advertising copy of which publicizes or calls attention only to goods, services or facilities available on, or events or attractions on, the premises of the owner or operator. Signs may be permitted if all of the following conditions exist:

    (a) The advertised premises of the owner or operator are located within 5 miles of the land so leased.

    (b) There is no business area or unzoned commercial or industrial area available for outdoor advertising along the interstate highway, freeway or primary highway within 5 miles of the advertised premises of the owner or operator.

    (c) The inability to publicize or call attention to goods, services or facilities available on, or events or attractions on, the premises of the owner or operator except by a sign erected and maintained pursuant to this section would work a financial hardship upon the owner or operator under such reasonable criteria as may be determined by the state highway commission.

    (d) The leasing of such land and the erection and maintenance of such sign would not be cause for the reduction of federal aid highway funds to the state, pursuant to section 131 of title 23 of the United States code, as amended.

    (2) Any signs so erected or maintained shall be subject to the provisions of sections 15, 16 and 17 and if erected or maintained by a permittee under this act, to the provisions of section 12.

    (3) The leases made pursuant to this section shall be on a year to year term and shall be subject to cancellation at any time the signs erected or maintained on the leased property cease to meet the requirements of this section. The signs shall be subject to removal pursuant to section 19 upon cancellation of the lease.