Installment Contract

(a)The signature of the homeowner, and acceptance by the Guam Waterworks Authority of the application form provided for in § 48118 shall constitute a contract between the homeowner and the government of Guam. The contract shall provide for the monthly amount of installment payments to be made thereunder. Payments shall commence within sixty

(60)days from the date of completion of the installation and connection of the connecting line or of the Type 2 toilet facilities. CH. 48 TOILET FACILITIES AND SEWAGE DISPOSAL

(b)Such contract shall provide for payment of interest to be at the rate of six percent (6%) per annum on the installment amount due and payable. Such contract shall further provide that the entire balance shall become immediately due and payable upon default in the payment of any installment of more than sixty

(60)days. If during the duration of any installment contract single family residence is converted into income producing property or a multiple family dwelling, all unpaid installment shall become immediately due and payable. All unpaid installments shall constitute a lien upon the property for which the installation and connection was made. Upon sale of the property by the contracting homeowner, all unpaid installments shall immediately become due and payable, unless the buyer of the property shall, by written agreement with the Guam Waterworks Authority assume such installment contract.