12 Guam Code Ann. § 8308
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Terms Used In 12 Guam Code Ann. § 8308
- 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 government of Guam or the Guam Power Authority leases any land belonging to the government of Guam or the Guam Power Authority for alternate energy to private alternate energy suppliers for alternate energy related purposes, such lease shall be for the full fair market rental value of the land (based upon the value at the highest and best use) and contain provisions canceling the lease and reverting the land to the government of Guam or the Guam Power Authority if not developed for alternate energy purposes within three (3) years, and canceling the lease and reverting the land to the government of Guam or the Guam Power Authority whenever the land is no longer being primarily utilized for alternate energy purposes.
SOURCE: Added by P.L. 17-077 (Dec. 11, 1984).