12 Guam Code Ann. § 5414
Terms Used In 12 Guam Code Ann. § 5414
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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) a covenant that for a period of ten (10) years commencing on the date of the conveyance, the grantee(s) or the heirs of the grantee(s) must personally occupy the property conveyed and not lease it to others;
(2) a covenant that for a period of ten (10) years commencing on the date of the conveyance, the grantee(s), may not convey or otherwise alienate the property to a third party, except that a mortgage to a bona fide lending institution to secure funds to purchase or construct a residence on the property or, that a mortgage to a non-profit corporation organized under the laws of Guam that has been approvedby GHURA for the purpose of constructing a residence on the property, shall not be a violation of such rule even if such mortgage is foreclosed; and
(3) a right of reverter clause to the Authority in the event that any of the conditions, covenants or restrictions of the deed are violated.
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12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 5 GUAM HOUSING AND URBAN RENEWAL AUTHORITY
(b) Except as provided for in § 5415 of this Article, any covenants or restrictions in all existing deeds granted by the Authority pursuant to § 5401 through § 5411 of Title 12 of the Guam Code Annotated, are
hereby and shall be deemed to be amended to terminate ten (10) years after the initial conveyance. As soon as practicable after the effective date of this provision, the Authority shall record with the Department of Land Management a document and release noting such amendment with respect to all affected lot numbers, and shall also give public notice of such amendment.
SOURCE: Added by P.L. 25-129:6.