12 Guam Code Ann. § 5132
Terms Used In 12 Guam Code Ann. § 5132
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
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CH. 5 GUAM HOUSING AND URBAN RENEWAL AUTHORITY
government of Guam or employment of personnel, shall be applicable to the Authority unless the Legislature shall specifically so state; provided, however, that the Authority may utilize in its operations the procedures and facilities provided by any such law or by the executive agencies of the government of Guam.
(b) The provisions of Title 5 Guam Code Ann. shall be applicable to the Authority except when requirements of federal law with respect to the expenditure of federal funds are inconsistent with the provisions of Title VII-A and under such conditions federal law shall control.
SOURCE: GC § 13930 as amended by P.L. 16-124:6 (Dec. 29, 1982).
2017 NOTE: Subsection designations added pursuant to the authority of 1 Guam Code Ann. § 1606.
NOTE: Pursuant to the authority granted by 1 Guam Code Ann. § 1606, the reference to Title
VII-A of the Government Code was altered to reflect its codification in the GCA.
§ 5133. Transfer of the Guam Housing and Urban Renewal
Authority.
(a) Transfer of the Guam Housing and Urban Renewal Authority. Notwithstanding any other provisions of law, the Governor is authorized to convey for One Dollar ($1.00) to Guam Housing and Urban Renewal Authority all right, title and interest of the government in Lots 10122-2, Dededo (area 1,088,988 ± square feet), Lot 10124-R2, Dededo (area
1,128,753 ± square feet), Lot 10134-3, Dededo (area 1,148,793 ± square feet), Lot 10199-2, Dededo (area 1,089,011 ± square feet) and Lot 7018,
Yigo (area 1,479,500 ± square feet). The five (5) parcels are to be utilized solely for the development of five hundred (500) single family homes of reinforced concrete or concrete block construction, with an
average cost per home including on-site and off-site improvements, not to exceed Twenty-Eight Thousand Dollars ($28,000). The community
housing development shall be on a turnkey basis. Site development shall conform to the standards of the Subdivision Law. Units within the development shall be sold only to persons who agree to own and occupy
the units. No unit shall be sold to any person who is a non-resident alien of the United States.
(b) Preferences Governing the Sale of Units. The Authority shall sell the units within the development according to the following preferences:
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(1) First preference shall be given to persons who reside within the subject properties at the time of the effective date of this Article and who are without fee title to any developable real property of their own upon which safe, sanitary and decent housing could be erected.
(2) Second preference shall be given to those persons who are without fee title to any developable real property of their own upon which safe, sanitary and decent housing could be erected and whose direct ancestral lands were seized by the United States by eminent domain.
(3) Third preference shall be given to other persons domiciled within Guam who are without fee title to any developable real property of their own upon which safe, sanitary and decent housing could be erected and who have been residents of Guam for not less than two (2) years.
(4) Fourth preference shall be given to persons who are owner- occupants of substandard residential property and who are willing to divest themselves of their interest in such property in consideration of being given the opportunity to purchase a unit within the development.
(c) Any sale made in violation of the preferences set out in Subsec- tion (b) of this Section shall be void ab initio.
(d) Authority Permitted to Lease Land. The Authority is granted the authority to lease lots within the development to the purchasers of the individual units upon the following terms:
(1) The lease shall be for One Dollar ($1.00) for a period of fifty-five (55) years and the lessee shall have an option to renew the lease for an additional term of twenty (20) years upon a price to be established by the Authority.
(2) The lease shall contain a provision granting the Authority the right to reacquire the original dwelling at the original sale price or at a lesser price if it has been damaged in the event the owner- occupant desires to voluntarily convey the property at any time during the first ten (10) years of the lease. Any improvements which are permanently affixed to the land or the dwelling shall be purchased at their fair market value in the event of such a sale.
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(e) Compensation to Displaced Tenants. No person shall be displaced from the lots transferred to GHURA pursuant to this Section without receiving compensation representing the fair market value of any improvements constructed or crops lost. In addition, persons so displaced shall be provided reasonable relocation assistance by the Authority. In addition, if the person so displaced meets all other requirements for first preference, his application shall be given the highest priority among all applicants for the purchase of a unit within the development.
SOURCE: GC § 13956.1, as enacted by P.L. 15-12.
§ 5134. Mortgagee May Own and Transfer Title to Leasehold
Without Regard to § 5133.
Nothing in this Article shall prevent a mortgagee from foreclosing the interest of any mortgagor in default on a mortgage or deed of trust entered into as security for financing the improvement of a leasehold provided for by § 5133 of this Article. In the event of foreclosure or any proceeding in lieu thereof, including assignment of lease, the mortgagee may convey the leasehold and improvement to any buyer. Such conveyance shall not be subject to any of the restrictions of § 5133 of this Article.
SOURCE: GC § 13956.2 added by P.L. 13-193.