12 Guam Code Ann. § 5408
Terms Used In 12 Guam Code Ann. § 5408
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) The Authority may sell real property or any interest therein acquired by it and may enter into contracts with respect thereto in the subdivision area for residential use in accordance with the subdivision plan subject to such covenants, conditions and restrictions, including covenants running with the land as it may deem to be in the public interest or necessary to assist in preventing the development or spread of future slums or blighted areas or to otherwise carry out the purposes of this Article; provided that such sale may be only after the approval of the subdivision plan and installation of sewer lines.
(b) The purchasers and their successors and assigns shall be obligated to devote such real property only to the same specified in the subdivision plan and may be obligated to comply with such other requirements as the Authority may determine to be in the public interest or the Federal Government may determine to be necessary as a condition of federal aid, including the obligations to begin and to complete within a reasonable time any improvements on such real property required by the subdivision plan and the new uses specified therein; provided that any obligation to begin construction of improvements shall not apply to mortgagees and others who acquire an interest in such property as the result of the enforcement of any lien or claim thereon.
(c) The Authority is authorized to sell the lots in the subdivision authorized by this Chapter at less than fair market value of the lots; provided, that the price of a lot shall not exceed Two Thousand Five Hundred Dollars ($2,500). The Authority shall collect a down payment of ten percent (10%) of the purchase price of each lot, but not to exceed Two Hundred Fifty Dollars ($250), and shall institute a periodic payment plan to cover the payment of the balance of the purchase price, which plan shall not exceed three (3) years.
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12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 5 GUAM HOUSING AND URBAN RENEWAL AUTHORITY
(d) Except as provided for in §§ 5414 and 5415 of this Article, the Authority in any instrument of conveyance to a purchaser may provide that such purchaser shall be without the power to sell, lease or otherwise transfer the real property without the prior written consent of the Authority until the person has completed the construction of any and all improvements which the person has obligated that person to construct thereon, and the Authority may provide, in any such instrument of conveyance, that such real property shall revert to or revest in the Authority, at its discretion, upon a breach or violation of any condition, covenant, restriction, undertaking or other requirements relating to the use of the property or otherwise without relieving any purchaser and successors or assigns of any obligation assumed by such purchaser, and without liability on the part of the Authority for any claim arising from such retesting or reversion. The Authority, upon a certification by it to a court of competent jurisdiction that any purchaser, their successors and assigns has breached or violated any condition, covenant, restriction, undertaking or requirement, shall be entitled to immediate relief, without bond or liability for damages, restraining and enjoining any such breach or violation, pending the determination of the issues in the controversy.
(e) The inclusion in any such contract or conveyance to a purchaser of any of the covenants, restrictions or conditions provided in Subsections (a), (b), (c) and (d), including the incorporation by reference therein of the provisions of a subdivision plan or any part thereof shall not prevent the filing of such contract or conveyance in the Department of Land Management in such a manner as to afford actual or constructive notice thereof.
(f) Real property acquired by the Authority which, in accordance with the provisions of the subdivision plan is to be transferred, shall be transferred as rapidly as feasible in the public interest consistent with the carrying out of the provisions of the subdivision plan.
(g) Where necessary, the Authority shall assist applicants in arranging for financing of such purchase at terms favorable to the applicant and in so doing, the Authority is directed to take cognizance of such programs as are available from the Farmer’s Home Administration, Federal Housing Administration, Veterans
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12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 5 GUAM HOUSING AND URBAN RENEWAL AUTHORITY
Administration, Guam Housing Corporation and other federal and local lenders and guarantors, both public and private.
SOURCE: GC § 13947, as added by P.L. 14-138. Paragraph (c) amended by P.L.
22-70:4. Subsection (d) amended by P.L. 25-129:3.