12 Guam Code Ann. § 5411
Terms Used In 12 Guam Code Ann. § 5411
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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.
(1) the grantee(s) must personally occupy the property conveyed and not lease it to others;
(2) the property may not be conveyed by the grantee(s) to a third party, except that a mortgage to a bona fide lending institution or a non-profit corporation organized under the laws of Guam that has been approved by GHURA to secure funds to construct a
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CH. 5 GUAM HOUSING AND URBAN RENEWAL AUTHORITY
residence on the property shall not be a violation of such rule, even if such mortgage is foreclosed; and
(3) each deed of conveyance shall contain a right of reverter clause to the Authority in the event such regulations are violated.
(b) Exception. Notwithstanding any law, rule or regulation to the contrary, the Board is authorized to grant an exception to the As Tumbo Subdivision or other Guam Housing and Urban Renewal Authority (GHURA) Subdivisions program requirements to allow a grantee(s) to lease conveyed property temporarily while receiving extended rehabilitative or life threatening medical treatment off island. GHURA shall promulgate any rules, regulations, and/or procedures to effectuate this act, including provisions to document and verify that treatment as certified by two (2) licensed physicians is not available on island and that the off island treatment has been scheduled through the Administrative Adjudication Law. Additionally, the grantee(s) shall report to the Board periodically on the status of their treatment. Within sixty (60) days after enactment of this Act, the GHURA Board shall develop and submit the rules and regulations required under this Section pursuant to the Administrative Adjudication Law.
(c) Notwithstanding any law, rule or regulation to the contrary, any grantee who is permitted the construction of a duplex dwelling in the conveyed property in the Subdivision is hereby authorized to rent or lease one (1) unit of the duplex dwelling to a third party. The Authority may establish and provide a list of prospective lessees pursuant to this Subsection who qualify as low or moderate income families.
SOURCE: GC § 13950, as added by P.L. 14-138. Amended by P.L. 20-113:2. Amended by P.L. 24-138:2. Subsection (c) added by P.L. 25-114:3. Subsection (a) amended by P.L. 25-129:3.
2013 NOTE: Pursuant to the authority granted by 1 Guam Code Ann. § 1606, numbers and/or letters were altered in subsection (a) to adhere to the Compiler’s alpha-numeric scheme.