21 Guam Code Ann. § 60911
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Terms Used In 21 Guam Code Ann. § 60911
- 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.
The Department of Land Management shall receive credits towards the ground lease payments due by deducting payments made on any mortgage, loan or other financing instruments for the construction of the building from the amount and of the ground lease.
SOURCE: Added by P.L. 31-105:4 (Sept. 30, 2011).
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COL 7/27/2023