Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1907-01-15
: The BISMARCK BUILDING and LOAN ASSOCIATION :
the
Il The


] the Following
the previous incumbrance togetherswitf policy Of
fire insurance upon improved property and an as
signment Of rents, and tornado policy, if required
by the board Of directors and interest and pre-
MUM all loans taken by the stockholders shall be
paid monthly in advance from the time of bidding for
the same. The borrower shall alsostransfer to the
Association for each hundred dollars of the loan,
one share OF stock as collateral security, and shall
pay all expenses attending the examination Of the
title, searches, writing, etc.
SECTION q The borrower shall give bond, pay
able when his stock ceases and determines. The real
estate must be within the limits off the city of Bis
marck and satisfactory to Wothrds ~ of the drec-
tors and at least two members Of the security
committee must certify iii writing that they have e
amined the describing its7location amount for
mhich insured, date Of policy etc, and that in their
Judgment is good security for the amount to be
loaned upou it. The bond shall stnulate that should
the monthly interest premium thereon remain ur-
paid for the space Of six months after it became due,
or the taxes insurance be due and unpaid for the
space OF SIX months the stock which the loan
is made be sold for non-payment of dues, then the
bond shall become due and coecttole Immediately.
IL SECTION D. Abstracts of title must be furnished
by the borrower, and the legal examination and
search Of the attorney of the Association salts
fly him that the title to the property offered for
directors his fees to be paid by the borrower all fees
for recording mortgages to be paid by the Associar
ton.
SECTION 6. The funds of the Association NAV be,
loaned to any stakeholder, to not exceed
ing 80 cent of the withdrawal value of each share
of stock, which loan shall be secured by transfer of
stock to the Association collateral security; pro-
vded that the interest shall not be less than II per
cent, payable, when the loan is made. But no tenn
porary loan shall be made for longer time than three
months and provided further, that loans mortgages
shall have the preference. =
SECTION Z. If a member wishes to build or offers
as security an uncompleted building and wishes to
receive his loan to finish said building it may be adj
vanced to him in instaments to his contractor as
the building progresses, provided that all mechanics
11ar of ,ol
the Association, and not less than % per cent of
the loan shall be reserved until its final completion
SECTION 8: Any person who has made loan by.
giving taxable property security shall be bound
pay such state, county, city other taxes
ments which are lien upon said property, within
sixty days alter the same are delinquent.
ARTICLES 8.
RELEASE OF MORTGAGE.
s. SECTION l. Should a stockholder whose property
is mortgaged, shares hypothecaed to the Associa
ton, desires to release the same by prepayment of
his indebtedness he may, application the board
OF directors, be allowed to do as follows: stock
holder may repay his loan on any or all shares bor-
rowed upon either real estate stock security upon
the payment of the principal borrowed upon said
shares, together with all dues, interest premiums,
date of payment, he shall be entitled to retain his
stock SO borrowed upon. Or, a stakeholder may
make payment as above provided less the value OF the
shares Of stock6o borrowed upon, as determined up
on, at the last proceeding adjustment of profits, to-
gether with the dues paid thereon after such adnst
ent and said shares of stock shall be retired and
cancelled.
SECTION 2. Any stakeholder may have his mort
gage transferred from one piece OF property anoth
er IT the board of directors satisfied with the prop
ery offered as security for the money borrowed; the
member to pay all expenses incurred in same.
~, SECTION 3. All deeds, bonds, other written in
strumen.s required to be executed and all satisfac
tons and releases of mortgage and other indebted
ordered by the board of directors shall be signed
and when necessary, acknowledged by the president
and secretary OF the corporation in their official
pacity, and have the corporate seal attached
ARTICLE 9.
INSURANCE.
SECTION !. All policies of fire and tornado in
surance on mortgaged property must contain loss
clause, making the loss any, under the policy, pay
able to the Association its interests may appear,
together with the subrogaton clause as adopted by
the Underwriters Union on all fire policies, and
thereafter the secretary shall draw the
sary from the treasurer for the purpose of renewing
said policies, and charge the payment thereof to the
stock of the mortgagor to be collected with the Dues
interest and premiums against his stock. The mort
gagor may by giving notice to the secretary forty
eight hours prior to the expiration Of the policy, des
1gnae what insurance company he desires to insure
in, provided said company shall be responsible one
and having recording agency in the City OF Bis
nlarck go
The secretary for neglect of this important duty
shall be fined five dollars -%& ES,%s
ARTICLE 10. &% ,tar..
5ss#5s FINES AND FoRFEITURES.
SECTION l. Every stakeholder who shall neglect
to pay his dues. interest, premium fines or other
charges, if any, shall pay fine equal to three per
cent of the total amount due at each and every regu
SECTION 2 Fines of officers for neglect of official
duties may be modified or RENTED only by unan-
nous vote of the board of directors.
SEcTIoN B. All fines shall be charged with regu-
lar dues OF the delinquent, and collected herewith
SECTION 4 Fines for non-payment of dues and
interest shall not be RENTED except in of sick
or death in members family. %aT AZ
SECTION s. If any stockholder shall neglect
refuse to pay his monthly dues, interest, premium
fines and other charges his stock for the space OF
six months, his shares OF stock may be declared for
eited by the board of directors; and the secretary
the next regular meeting OF the Association thereaf
ter notice having been published in newspaper at
Bismarck once a week for two weeks Immediately
previous thereto, together with personal notice to the
pledgor ten days prior thereto, if he be found
within the county Of the time and place OF sale, shall
sell the at public auction for cash to the highest
bidder, who upon payment Of his bid and complying
with the rules and regulations shall become stock