12 Guam Code Ann. § 58307
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Terms Used In 12 Guam Code Ann. § 58307
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. 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
If the purpose of the construction of a new elderly housing project or residential living facility, or the substantial renovation of an existing elderly residential living facility is for the developer to either resale, rent, or lease, as part of the application process for the QC, pursuant to this Article, the beneficiary shall provide a plan to the Authority as to how the approval of the QC shall translate to monetary savings for the tenants of the new or renovated residential care facility for the elderly. Failure to comply with this plan once the QC is approved and issued shall result in a suspension or revocation of the QC.