11 Guam Code Ann. § 130111
Terms Used In 11 Guam Code Ann. § 130111
- 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
- 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.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
80 percent of the first ten thousand dollars ($10,000) of such appraised value if it exceeds ten thousand dollars ($10,000), plus 70 percent, of the remainder of such appraised value, subject to the following conditions in the case of each such loan exceeding 70 percent: (1) the principal improvement on such real property shall consist of a single family dwelling; and (2) the note or other obligation evidencing such loan shall provide for reduction of principal by monthly installments commencing in the case of construction loans not later than nine months after the date of such loan, and in case of any other loan not later than three months after the date of such loan.
Loans may be made upon the security of unimproved real property in an amount not in excess of 33 1/3 percent of the appraised value of such real property.
In respect of any loan made upon the security of real property where it is agreed and/or contemplated that improvements will be made thereon to become a part of such security, said real property shall be deemed to be improved real property and the value of such proposed improvements shall be included in the appraised value of such real property; provided, however, that at no time shall the amount advanced by the association on such loan exceed the ratio of loan to value authorized by this section in respect to such loan, excluding from such value the value of such proposed building or buildings when completed by including in such value the value of such building or buildings to such time.
The term real property as used in this section and in Sections
130115, 130120 and 130121, whether unmodified or modified by the terms improved or unimproved, includes (a) fee title to real property, and (b) a leasehold interest in real property under a lease having a period of not less than fifty years to run from the date of the loan. If the security is
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11 Guam Code Ann. FINANCE & TAXATION
CH. 130 INVESTMENTS, LOANS AND BORROWING
a leasehold interest, the value appraised shall be the value of such leasehold interest and not of the fee title.
The provisions of this section are subject to the provisions of
Section 130120 and of Section 130121.
SOURCE: GC §41459.