Upon approval of the application and approval of the Legislature as required by P.L. No. 12-61, the Governor shall execute a lease with the applicant, in a form approved by the Attorney General, which, among other lease provisions, shall include the following:

(a) The maximum term shall be fifty (50) years, to be divided into ten (10) year increments, renewable at the option of the lessee.

(b) No rent shall be collected for the first five (5) years operation under the lease and thereafter, rent will be due on an annual basis at the end of the sixth year and those years following.

(c) The lease shall terminate if any topsoil or coral is removed from the land for profit.

(d) Any topsoil or coral removed from the land for the purpose of clearing the land shall be and remain the property of the government of Guam.

SOURCE: P.L. 15-18:7. Codified by Compiler; as amended by P.L. 18-39:2.

NOTE: Section 3 of P.L. 12-61, cited above, requiring legislative approval of land transactions, was amended by P.L.’s 12-226, 15-131 and 15-133. This section was codified by P.L. 18-34:14 as GC § 13008, and renumbered by the Compiler to § 60112 of this Title.