21 Guam Code Ann. § 43101
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Terms Used In 21 Guam Code Ann. § 43101
- 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.
The homestead consists of the dwelling house in which the claimant resides, together with outbuildings, and the land on which the same are situated, selected as in this Title provided.
The dwelling house may be in condominium, a planned development, a stock cooperative or a community apartment project, or may be situated on real property held under long-term lease rather than a freehold. In such cases, an agreement, covenant or restriction between or binding upon the owners of a title, interest or estate in a condominium, planned development, stock cooperative or community apartment project, or a lien arising under such agreement, covenant or restriction or an underlying lease or sublease, indebtedness, security or other interest or obligation may be enforced in the same manner as if no homestead were declared, and the homestead shall include the interest in and right to use common areas and other appurtenances subject to the terms and conditions applicable thereto. For the purposes of this Section, “long-term lease” is a lease thirty (30) years or more.
SOURCE: CC ‘1237. R/R by P.L. 15-113:8.
The dwelling house may be in condominium, a planned development, a stock cooperative or a community apartment project, or may be situated on real property held under long-term lease rather than a freehold. In such cases, an agreement, covenant or restriction between or binding upon the owners of a title, interest or estate in a condominium, planned development, stock cooperative or community apartment project, or a lien arising under such agreement, covenant or restriction or an underlying lease or sublease, indebtedness, security or other interest or obligation may be enforced in the same manner as if no homestead were declared, and the homestead shall include the interest in and right to use common areas and other appurtenances subject to the terms and conditions applicable thereto. For the purposes of this Section, “long-term lease” is a lease thirty (30) years or more.
SOURCE: CC ‘1237. R/R by P.L. 15-113:8.