The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1891-05-27

tasy terms, and profit by an adj
eance in value to resell it.
LOANS.
The Mutual Loan and Trust Com
pany will advance money upon real
estate guaranteed by first mortgage
at 9 per cent. per annum.
This interest shall be paid month
ly, and the revenue afforded by il
compounding may go into the prof
it fund, (see below or utilized ia
increase the loaning capacity of che
Company as the directors may deem
to belts best interest. These loans
will be limited to the stockholders
Of the Company, and will be made
upon the following conditions.
A certain sum recommended by
the business manager, and approved
by an advisory lizard. shall be set
aside mont Cor this purpose. and
may 70 .otained by the holder Of
four a paid ap shares in the Mu-
tual Loan and Trust Company. No
applicant can require more than
800 upon every four (4) shares
held by himself.
Loans on real state include the
advance Of money TO holders Of lots
in the Middletown Land and I'm
proyement Company, who shall be
entitled on subscription to the above
conditions to borrow a sum not ex-
ceeding 1925 and not less than $50
ON each lot held by them in the
said Company.
This maximum and mininlam
shall hold good for twelve (12)
months from the organization Of
the Mutual Loan and Trust Com
pany, but may afterwards be in
creased BY the resolution of the
board Of directors after the expira-
tion Of that time, providing the
current prices Of lots shall have
augmented in va'ue.
The business manager Of the Com
panY may reject the application fol
a loan il such rejection be in the
interests Of the Company and j,
ratified by the advisory board any
the directors Of the Company.
REPAYMENTs OF LOANS.
1.-THE repayment Of such loans
shall be made in monthly payments
of 10 per cent. on the amount OBJ
tanned until completion is made o
the sum loaned.
SAVING. BANK.
The Mutual Loan and Trust Com
pany Is empowered by charter to d
a general banking business.
A feature Of its organization wi
be a saving institution which vii
receive sums Of 81 and not exceed
ing $500. The deposits will be re
celyed Ut 4 per cent, and all pei
sons whose deposits shall have bee
left with the Company for twely
(I2) months will be entitled !
| participate in the division of rs pc
cent. of the profits earned By th
Company through the use Of d,
posts in addition to 4 per cent ID
| terest.
| These deposits being strictly loar
TO the Company will not participai
in the profits and privileges of til
regular shareholders.
Interest is computed senll-annr
ally, on the LIST Of January and o
the LIST of July. Deposltors draw
ing their deposits will receive il
terest only TO date Of the ha
yearly computation of interest pr
yious TO withdrawal.
BUILDING LoAHs.O
The Company not being purely
building society will limit its open
tions in this department TO assist
the erection of houses upon ii
property held BIZ the stockholde
Of the Mlddletown Land and In
proyement Company.
The field here i vast and ampl
there being demand to-day 4,
over 100 houses which il likely
treble itself in the near future.
Stockholders in the Mutual Los
and Trust Company only can o
tain the benefits Of such loans upo
the following conditions:
The sum advanced by the Mutu
Loan and Trust Company for bull
J ing purposes will be available upt
: the conditions above specified T
other leans. The sum, howeyt
will be limited TO two.thirds of d
! cost price Of the house that u
> borrower may intend TO erect. al
its repayment shall be guarantee
"A first mortgage.
4 The interest shall Ie 8 per Ger
4 per annum, payable in monthly
stallments, and the repayments
the sum loaned shall be in sums n
I exceeding ) per cent. upon Z
/ amount loaned.
Active Agents Requires
For further particulars al
! dress
Z THE MUTUAL LOA
I A Nd TR UST CO.,
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