Commercial Lease of Public Real Property and Related Facilities; Extension for Tenants in

Good Standing. Notwithstanding any other provision of law, a tenant who has a commercial lease of government property and has continuously occupied the government-leased property for at least five

(5)years and has fully complied with all lease terms and conditions throughout such occupancy, may extend the lease at fair market value, which shall be determined by an appraiser who is licensed to do business on Guam and is paid for by the tenant, for an additional term or terms, the total of which shall not exceed fifteen

(15)years, with approval from the lessor. If such extension is granted, fair market value shall be determined for, at least, every five

(5)years during the extension period but in no event shall rent be less than the rent charged during the previous five

(5)year period.