Terms Used In 12 Guam Code Ann. § 5304

  • 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
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
The Authority is authorized to develop and lease, for not longer than ninety-nine (99) years, land and to sell improvements within any of the subdivisions enumerated or established by this Article, in accordance with the approved plan for the respective subdivisions. Such leases of land shall be in accordance with the disposition policy established by the Authority subject to the following preferences:

(a) First preference shall be given to a person or family who is a bona fide resident or permanent resident alien who resided in the respective municipalities or villages where the referenced subdivisions are located prior to the enactment of this Article, and who is without fee title to any developable real property of his own.

(b) Second preference shall be given to a person or family who is without fee title to any developable real property who are bona fide residents of Guam or permanent resident aliens.

SOURCE: GC § 13965.3, as added by P.L. 15-127.

51

COL4122017
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 5 GUAM HOUSING AND URBAN RENEWAL AUTHORITY

2013 NOTE: Pursuant to the authority granted by 1 Guam Code Ann. § 1606, numbers and/or letters were altered to adhere to the Compiler’s alpha-numeric scheme.

  Previous section
Next section  
 Chapter 5 Contents