Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22

1 Section 2024-11S. The mortgages to be
i given to the association, the bonds to be
issued and the trust deed executed to Sc
cure the bonds shall be in such form and
shall contain such conditions as will ade-
quately protect all parties thereto. The
trustees shall provide the forms subject
to the joint approval of the commissioner
OF banking ao and the attorney general LII,
cations acquired by the company shall
be subject to the following restrictions:
4 ID Each such mortgage shall be
lands, forest lands or lands occupied by
4 dwelling houses within the state Of Wis
consin;
(2) Each such mortgage shall be a
first and valid lien upon the whole and
undivided fee and upon no lesser estate;
CD Each such mortgage shall be given
to secure principal Indebtedness not
exceeding in amount fifteen per cent of
| the capital and surplus Of the company;
/ ca All such mortgages on agricul-
| tural lands shall contain provisions for
proper soil conservation;
60 All such mortgages shall contain
| provisions for the. annual or semi annual
reduction of the Indebtedness secured
! thereby;
CO. The company shall make no loan
/ secured by mortgage Of any real estate
company is interested. either directly or
indirectly, except upon the approval Of
| two thirds of all the trustees;
CD The proceeds of any loans made
! upon lands upon which are buildings in
course Of construction shall be retained
by the company and paid out only upon
| construction vouchers countersigned by q
| duly authorized agent of the company
| Section 2024-120. 1. Upon application
] for loan the prospective borrower shall
cause the lands which he proposes to
mortgage to the association to be ap-
/ praised by two freeholders, resident in
| oif lJo iy, xxybi oh c1,nn
lands are situate who shall be approved
| by the directors of the association Such
prospective borrower shall also cause the
appraisal SO made to have attached to it
j the certificate of the assessor of incomes
| to the effect that such assessor of in
comes has reason to believe, and does
believe, that the appraisal fixed by such
| appraisers does not exceed the true mar
ket value Of such real estate. Such
assessor of incomes shall receive no COM
| pensation for such certificate, but shall
| be reimbursed by the prospective borrow
er for the expense necessarily disbursed
| in qualifying him to make such certifi-
cate.
| Section 2024-121. Any prospective bor-
rover dissatisfied with the valuation
placed upon his lands may apply to the
| tax commissioner for a change in such
valuation, and shall with an application
for such change file such evidence as the
! tax commission may direct as to the val
ue of such land.
/ Section 2024-122. The borrower shall
pay all expenses incidental to the exam
| inatiOn of title. The total amount to be
paid periodically by the borrower shall
! include % the rate of interest agreed
upon; CD an allowance for expenses of
the land association to an amount not
exceeding one per cent annually Of the
face of the loan; and CD a payment upon
| the principal (amortiZation) Of not less
| than one per cent of the original amount
| thereof.
Section 2024-123 A borrower may re-
pay his loan by instruments of such fire.
/ quenty and amounts as may be agreed
upon provided that not less than one per
cent Of the original amount Of the mort
gage shall be paid upon the principal
thereof annually. The borrower may pay
a larger instalment upon the principal or
! the whole of it, at any interest date.
| Such payment may be made in cash, or
| by rendering at par bonds Of the asso-
citation. For failure to pay the interest
or any instalment required by the terms
/ of the loan, the borrower may be fined
as the bylaws prescribe. But the bor-
rover shall never be required to pay
more than the specified instalment, nor
| to pay the principal before it is due eX-
cept as provided IN section 2024-128 or
| 2024-129
Section 2024-124 The borrower may,
| upon sixty days notice, repay to the as
ISOLATION his total indebtedness, or with
out such notice, upon payment of sixty
days interest upon the principal unpaid.
| Section 2024-125. The borrower shall
4 be entitled to receipt for all install
ments as paid and, where the repayment
| and mortgage.
Section 2O24-126. The acqurer of any
| lands mOrtgaged to land mortgage asso-
| citation shall enter at once, on the ac-
| agreement with the association, attested
| by notary, or a justice, and assume the
personal responsibility for the indebted
| ness to the association attaching to such
| Ion do rI,ic ont f,1I1C he ed
| to the trustees within fourteen days az
| ter demand.
| Section 2024-127. 1. Every land
mortgage association shall have the pow
| er to call in loans upon sixty days no
| tice:
| % When the person acquiring the
lands upon which money has been loaned
| does not comply with the provisions Of
section 2024-126 and fulfill the obligation
| incumbent upon him;
| ca When the debtor does not meet the
| obligation imposed upon him by his con-
| tract and the bylaws of the land mort
| gage association;
| 90 When the mortgaged premises be-
come subject to forced sale:
! (4) When the mortgaged premises are
| deprecia ting in value because of lack Of
care, of failure properly to maintain and
| conserve or from other cause.
2. The trustees of such association,
whenever necessary, shall provide for an
| inspection of mortgaged premises, for an
| investigation of the care which is being
given said premises, and may employ an
| expert to inspect the soil with a view Of
determining whether or not the same Is
| being depleted.
Section COOLIES The association may
require a suitable partial repayment Of
the debt if the mortgaged premises may
| have at any time become deprecated in
value from any cause whatsoever.
Section 2024-129. Whenever any loan
| is called in and the borrower shall fail
to pay the principal and interest due to
the association required by law and the
notices given him. the land mortgage
association may then foreciose upon the
mortgaged premises as for q past due
loan. But in no case shall borrower be
liable for a sum greater than the amount
of the unpaid portions of the loan with
| any accretions Of interest thereon and
! expenses incidental to the collection
! thereof.
Section 2o24-1so The aggregate
amount of the principal of all bonds is
sued by a land mortgage association and
! outstanding at any one time shall not
exceed twenty times the amount of the
| capital and surplus Of the company.
Section 2024-131. No land mortgage
association, and no officer or agent there
of, shall give,a any preference to any cred
Eitor by pledging any of the assets Of such
association as collateral security, except
. that anv such association NAV borrow