12 Guam Code Ann. § 4208
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Terms Used In 12 Guam Code Ann. § 4208
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
(a) The mortgagor must pay off the balance of the Interest Free Loan if, during the term of the loan, the Home secured by the mortgage for which the loan was granted is:
(1) transferred or conveyed; (2) sold;
(3) occupied exclusively by individuals other than the
mortgagor(s) or their children; or
(4) leased before five (5) years of actual occupancy by the mortgagor.
(b) If the Home is leased prior thereto then the Interest Free Loan shall be reamortized at the rate of the GHC loan as an interest bearing loan and such interest shall be remitted to GHC for deposit in the Community Affordable Housing Action Trust (the “”Trust””).
2017 NOTE: Subsection/subitem designations added/altered pursuant to the authority of 1 Guam Code Ann. § 1606.