Guam § 77125 - Authorization to Lease Land under the

§ 77125. Authorization to Lease Land under the

Administration of the Department of Parks and Recreation to

the Guam National Tennis Federation.

(a) I Maga’lahen Guåhan is authorized to lease a portion, no

less than 20,235± square meters of land area, of Lot No. 10142-

New, municipality of Dededo, consisting of 242,694.07± square

meters to the Guam National Tennis Federation.

(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.

COL1/11/2022

CH. 77 PARKS & RECREATION

(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.