21 Guam Code Ann. § 77125
Terms Used In 21 Guam Code Ann. § 77125
- 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.
(b) Terms of the Lease. I Maga’lahen Guåhan shall execute all instruments necessary to carry out the provisions of Subsections (1) through (5) of this Section.
(1) The Department of Parks and Recreation shall identify the portion of Lot No. 10142-New (Lot), Dededo, no less than 20,235 square meters, to be leased;
(2) The Government shall lease the Lot to the Guam National Tennis Federation for the sum of One Dollar ($1.00) per annum for twenty-five (25) years, with an option to renew for another twenty-five (25) years. The GNTF may subject the property and its improvements to a leasehold mortgage, subject to the approval of I Liheslatura (the Legislature);
(3) The use of the leasehold shall be limited to those activities consistent with the mission and purpose of the lessee, as detailed in GNTF’s governing documents, and for the activities authorized herein;
(4) The leasehold is not assignable nor may it be sublet without I Liheslaturan Guåhan’s approval; and
(5) Any change in the tax status of the lessee shall require an immediate renegotiation of the lease. If such change shall be to a for-profit entity, the annual rate of the lease shall be no less than ten percent (10%) of the actual market value of the property.
(c) Approval of Lease. Notwithstanding any other laws to the contrary, the lease by the government of Guam to the GNTF of the Lot and improvements thereon, shall be executed by I Maga’lahi and the duly authorized representative of the GNTF and shall require the concurrence of I Liheslaturan Guåhan.
(d) Approval and Authorization to Enter into a Leasehold Mortgage and to Assign the Lease. I Liheslaturan Guåhan hereby approves and authorizes the Guam National Tennis Federation to assign the lease authorized by this Section to the Guam National Tennis Federation, Inc., and for GNTF Inc. to enter into a leasehold mortgage of up to Seven Hundred Thousand Dollars ($700,000) in substantially similar form as attached in Exhibit One; and to enter into a “”Landlord’s Estoppel Certificate,”” in substantially similar form as attached in Exhibit Two, for land adjacent to the Harmon Sports Complex: Parcel 1, a portion of Lot No. 10142- NEW-R4, municipality of Dededo, Guam, containing an area of 132,515.6 ±square feet (12,311.2 ±square meters); and Parcel 2, a portion of Lot No. 10142-NEW-3, Document No.
788675, containing an area of 85,241 ±square feet (7,919.2
±square meters). All other restrictions pursuant to this Section shall continue to apply, and any amendments to the leasehold mortgage shall require a new approval by I Liheslaturan Guåhan.
SOURCE: Added by P.L. 31-067:2 (May 24, 2011). Subsection (d) added by P.L. 35-020:2 (May 10, 2019).
2019 NOTE: The exhibits referenced in subsection (d) are attachments to
P.L. 35-020 (May 10, 2019).