P.R. Laws tit. 6, § 104
The deed of transfer of title shall be drawn solely to and on behalf of the nonprofit entity in question.
The sum which the selling price of the land plus interest amounts to, may be paid through partial payments within a term that shall not exceed ten (10) years. In order to obtain title on such lands, the purchasers must make a payment of not less than one tenth of the selling price, prior to or upon signing the necessary documents for the transfer of the title deed.
(a) The deferred debt shall earn interest at the legal rate and may be paid annually, or together with the partial payments agreed upon by the parties to amortize the principal debt.
(b) The payment of the deferred price shall be secured by a first mortgage in favor of the Commonwealth of Puerto Rico, on the price of the land whose purchase and sale is authorized in this chapter, as well as on all construction or improvements built or made on said plot of land.
(c) In the event that the buyers fail to meet their contractual obligation in any way whatsoever, or fail to pay three (3) consecutive installments plus the interest stipulated within the terms agreed upon by the parties, or do not comply with any other obligation of this chapter or assumed in the deed of sale, the title deed on the plot of land whose purchase and sale is authorized in this chapter, shall immediately revert to the Commonwealth of Puerto Rico, after payment of the cost less normal depreciation of the structures, buildings and facilities constructed or erected on the land by the nonprofit entity. In such case, the register of deeds must record the abovementioned parcel of land in the name of the Commonwealth of Puerto Rico, as soon as the agency concerned submits a certification to such effects, and without any other document being needed.
(d) If the nonprofit entity decides to sell the land acquired in accordance to this chapter, or if by any reason or condition it is dissolved or becomes inactive, changes its nonprofit purposes to profitable ones, or the entity disappears for any other reason, the Government of the Commonwealth of Puerto Rico shall have the first option to acquire the plot of land sold and the structures, buildings and facilities constructed or erected on said land, at the same price it was sold to the nonprofit entity, plus the cost of said improvements or buildings, after deducting the normal depreciation thereof.
(e) It shall also be subject to the condition that, if necessary, when there is no other building or public or private facility available in the community and the services and works of the nonprofit entity are not affected, it must cede the free use of its structures and facilities that are appropriate for it, to any agency or municipality of the Government of Puerto Rico which so requests it, to hold educational and counseling activities for the community that are not electoral or political in nature, or to provide rescue work in cases of natural disasters or national emergencies.
All the conditions stated in this section must be included and shall become a part of the purchase and sale deed that shall be granted between the agency that holds title to the plot of land and the purchasers.
History —Aug. 12, 1988, No. 172, p. 792, § 4.