Leasing is a process by which a firm can obtain the use of a certain fixed assets for which it must pay a series of contractual, periodic, tax deductible payments. The lessee is the receiver of the services or the assets under the lease contract and the lessor is the owner of the assets. The relationship between the tenant and the landlord is called a tenancy, and can be for a fixed or an indefinite period of time (called the term of the lease). The consideration for the lease is called rent. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership from lawnmowers and washing machines to handbags and jewellry.
Under normal circumstances, a freehold owner of property is at liberty to do what they want with their property, including destroy it or hand over possession of the property to a tenant. However, if the owner has surrendered possession to another (the tenant) then any interference with the quiet enjoyment of the property by the tenant in lawful possession is unlawful. Similar principles apply to real property as well as to personal property, though the terminology would be different. Similar principles apply to sub-leasing, that is the leasing by a tenant in possession to a sub-tenant. The right to sub-lease can be expressly prohibited by the main lease.
Guam is an organized, unincorporated territory of the United States located in the western Pacific Ocean. It is one of five U.S. territories with an established civilian government. Guam is listed as one of 16 Non-Self-Governing Territories by the Special Committee on Decolonization of the United Nations. The island’s capital is Hagåtña (formerly Agaña). Guam is the largest and southernmost of the Mariana Islands.
The Chamorros, Guam’s indigenous people, first populated the island approximately 4,000 years ago. The island has a long history of European colonialism. Discovered by Ferdinand Magellan during a Spanish expedition on March 6, 1521, the first colony was established in 1668 by Spain with the arrival of settlers including Padre San Vitores, a Catholic missionary. For more than two centuries Guam was an important stopover for the Spanish Manila Galleons that crossed the Pacific annually. The island was controlled by Spain until 1898, when it was surrendered to the United States during the Spanish-American War and later formally ceded as part of the Treaty of Paris.