Guam § 45115 - Issuance of Final Reports Prior to Completion of

§ 45115. Issuance of Final Reports Prior to Completion of

Construction.

No final public report may be issued prior to completion of

construction of the project unless there is filed with the Commission.

(a) A verified statement showing all costs involved in completing the

project, including land payments or lease payments, real property taxes,

construction costs, architect, engineering, and attorneys fees, financing

costs, provisions for contingency, etc., which must be paid on or before the

completion of construction of the building.

(b) A verified estimate of the time of completion of construction of the

total project;

(c) Satisfactory evidence of sufficient funds to cover the total project

cost from purchasers funds, equity funds, interim or permanent loan

commitments, or other sources;

(d) A copy of the executed construction contracts;

(e) Satisfactory evidence of a performance bond of not less than one

hundred percent (100%) of the cost of construction;

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(f) If purchasers funds are to be used for construction, an executed

copy of the escrow agreement for the trust fund required under § 45114 for

financing construction, which shall expressly provide for:

(1) No disbursements by the escrow agent for payment of

construction costs unless bills are submitted with the request for such

disbursements which have been approved or certified for payment by

the mortgagee or a financially disinterested person; and

(2) No disbursements from the balance of the trust fund after

payment of construction costs pursuant to the preceding paragraph

until the escrow agent receives satisfactory evidence that all

mechanics' and material men's liens have been cleared, unless

sufficient funds are set aside for any bona fide dispute.