Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-06-14

~'S'' 'iShS duh dSSISuS, uOt CltltnlOH Nv or
under paramount title
Clause 8. Whenever tho amount first
loaned, shall have been expended in the
erection of buildings as aforesaid, the said
applicant, his heirs at law, legal representa-
uvcs or assigns, may make application for
Il further loan; whcreupnn the President
and Directors Of the said Bank, shall cause
the sad commissioners 10 ascertain and re-
port whether the sum originally loaned has
heen applied rs afnrcsaid; and upon the
same being certified To the said Prosi,!en,
and directors, they shall make To sucn np-
p!lcanl, his heirs at law, representatives or
aSsigps, Il further loan, equal in amount to
one half the appraised value of the said lot
should SD mach he necessary to com pIetc the
Improvements thereon: " hich said loan shall
hc taken upon the same terms, and sub
.jcct To the SaIue condition as the first; and
Il further loan shall he made. equal to one
hall the value OF the lot. should so much he
required To complete the inpro vcnlcuts
thereon, whenever the said commissioners
shall certify 20 the President and Directors
of the said Bank, that the amount already
loancd has been actually expended. acrcea-
bly, To the provisions of this law; and as soon
as IL good policy or insurance upon the
property, To the eXtcut Of the anluunt pre-
viouS;y loaned. shall have been duly as
signed to The Bank and the said additional
loans shall he taken. subject 10 the same
conditions, aud shall be- secured in the same
manner rs tho first. Aud in case any part
OF The said two millions shall remain, after
making the said loans, the same NAV be
bc lent to any applicant, or his heirs at law,
representative, or assigns, for the purpose
Of completing his improvements, upon such
.: ,n
by the President and Directors of the said
Bank.
Clause l. The valuation Of the LOIS unon
which The said loans are to I've made. and
also tho certificates Of expenditures upon
the buildings, shalt be made by Il board of
five commissioners, Two of whom shall I've
appointed in behalf of the State by the
Bank, and two in behalf Of the CITY, by
The City Council, and Il fifth to he chosen
10y the other four; and in case any vacancy
should occur it shall filled by the same par
ties who had appointed to the place so be-
come vacant; and the said board or a ma
jority, (having been first dulv sworn to tho
faithful discharge OF their duiy,) shall in all
cases, where Il loan II. 10 be made or iucrcas-
cd, certify their valuations to the Bank.
and make such report of facts as may he
necessary and proper 10 enable the said
Bank to discharge its duty to all interests
concerned.
Clause >. In all cases where the value
OF tho lot has been loaned, it shall he the
duty OF the borrower to cause insurance to
be effected upon the building thereon. and
to keep The same renewed for the amount of
The loan, or SD much thereof aS NAV re-
main unpaid, and TO assign the policy to the
Bank, as collateral security: and in case
the said borrower, shall neglect SD to do
the Rauk shall cause insurance 10 be ciI,c
ted or renewed in hellalf of the President
aud Directors of tue said Bank, and shall
demand from the said borrower the prcni-
um Of insurance paid and all expenses; aud
if the same arc not paid within one month
then The bond given by such borrower shall
he considered forfeited, and he shall forth.
with he bound to pay up the whole Of his
Sllth.. as ,iiongllthe instalmehts had all been
made payable al such y date of forfuitn nr,.:
ifthe said bank shall deem it cxpcdcnt to
require payment of the same; and in NIL
cases where ii policy ofinsurancc is required
by this Act, HE Bank may accept i'm lieu
thereof some o:hcr collateral security.
CtuuseG No loan shall be made upon any
kot upon Which there may bc wooden
binding. unless sufficient security be Gr,,
-
one year from The passing Of this Act.
C!ause7. The interest 10 he CHARGED ON
the said loan shall ic fixed at as low rate
as will cover the interest TO be paid hy ,bc
State with the necessary charges of remit
tancc, but the said rates shall in no event
exceed per cent. per nnnun.
SEC, .. Eelnrc the said loan i. effected
the City Of Charleston shabby All ordinance
to be duly ratified by the city authorities
guarantees the State against all loss to arise
from loans 10 be made to the citizens of
CharlesIon under the authority of this Act.
SEC. &. The lessee or tenant for life of
any lot ot land within the Saii district shall
he allowed tho benefit of the provisions of
this Act. If the owner Of the rcvcr,ion or re-
maiudcr Ioln III the nnrimrGr To secure the
amount loaned, in surh form as E,ay be
advised by The Attorney General.
SEC. Z. The mortgage executed by tic
applicant shall be n charge upon the land. in
favor OF the said Bank anl its assigns from
the date of It's registry in the Office oincs:,c
conveyance, against all persons wlumso-
ever; and all mortgages shall he recorded .nr
lodged in the Registers Office for record by
the applicants, before any money shall be
pail by the Bank.
SEC. And whereas, the frequent visi.
la'ion of,h city of Charleston bv lire, the
destruction OF property. and tic loss of life
occasioncd thereby, a'mnnish the State of
the evil of permitting o:her than fire proor
buildings i'll the said City; and whereas, the
funds of the State herein authorized 10 be
advanced on The security of buildings i'm
the said city, may he endangered, and no
is offered To individuals to erect
fire prof buildings. so long as others are al
lowed to build in their immediate nei"hbnr-
hood Of conbuS,iblc materials: for remedy
Be Il cnncicR 'ihat hcrcalicr IL