Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1891-02-26
Aberdeen County, was Thursday February g. 1891

~ - oAS PAoPoity 10 uuAul pIOVous buc
president shall buy the ground in the
name Of the association, and execute a
contract for the improvements under the
plans and specifications on file, which
contract shall be in the name of the
association, and under bond and ample
security from the contractor; and on the
completion Of said improvements to the
satisfaction Of all parties in interest, the
president then shall convey the property
to the borrower upon such terms and
conditions as the board of directors may
determine.
8. Loans may be placed on unincum-
bered property or mortgages transferred
or funded by the successful bidder, in the
same manner as above described, towit !:
after examination made by the appraise-
ment committee and by the attorney, and
approved by the board of directors, the
title to the property to pass through the
association.
8. No loans shall be made on unim-
proved pre- perty except for the purpose Of
at once improving same and in the event
of unimproved property being offered, to
be improved, then said unimproved
property shall not be purchased until the
contract for improvements is signed and
security therefor given; and no loan shall
be made on public halls, theatres,
churches, meeting rooms or schools. and
no loans shall be made until the titles to
the property offered as security have
been approved; and no real estate shall
be purchased by the president until
authorized by resolution of the board OF
directors.
10. The president shall order all calls
for the sale of money and decide the
amounts to be offered. He shall have
the power Of closing the offers or sus-
pending the sales after the first adjudi-
cation.
MISUNDERSTANDING ON WHICH MADE.
The purchaser shall, before the de-
livery of the deed of conveyance, have
the property insured to the satisfaction of
the board Of directors, in an insurance
company or companies authorized by law
to do business in the state, and the policy
OF insurance shall he made payable, in
case Of loss, to the association; and he
shall keep said. insurance up. until said
property is fully paid for, and should said
purchaser fail or refuse to keep up said
insurance, the same shall be done by the
association, and the amount so paid by
the association, for said purchaser, shall
be secured by lien and mortgage upon
upon said property, and shall be SO ex-
pressed in the deed Of conveyance.
And further, it shall be the duty of the
purchaser, ten days prior to the expira-
ton Of their fire policy, to file with the
secretary notice of the renewal Of same,
either in same or another company, and
in default of receiving such notice the
secretary shall renew the old policy for
one year, and notify the property owner
forthwith.
The purchaser shall also pay all taxes
legally assessed against said property,
and should he fail to do SO, the associa-
ton shall pay the same, and the amount
80 paid shall be secured by lien and
mortgage against the property, and must
be 80 expressed in the deed of convey
ance; and all disbursements for taxes OF
insurance made by the association shall
bear interest at the rate OF per cent.
per annum from the date of disburse-
ment until paid.
The purchaser may repay his loan at
any time.