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

funds loaned; but the state shall as
sumo no liability for the repayment by
borrowers either Of the principal or in
terest of any loan made under the
terms Of this subsection.
5. The commissioners shall require
all borrowers, whether of moneys from
the trust funds or moneys from prf-
vate sources, to execute mortgages
therefor in such form and embodying
such conditions as the commissioners
shall deem necessary to safeguard the
interests OF the mortgage, but the
commissioners shall require all mort
cages SO executed to contain an agree
ment by the mortgagor:
(1) To repay his loan in full on or
before the expiration of twenty years
from the date Of the loan; or, in the
case of loans from funds from private
sources on or before the expiration Of
such a term Of years as the commits
siOners shall fix;
CD To pay an annual charge Of five
per cent of the amount OF the prlnc1-
pal owing on or before each anniver-
sary Of the date of the loan, when the
loan Is made from moneys in the trust
funds, and to pay in the same manner
such an annual charge not exceeding
six per cent as the commissioners may
determine when the loan is made from
funds obtained from private sources;
60 To keep all buildings, fences
and other improvements upon the
property mortgaged in good repair and
condition and to abstain from the
commission of waste on the property
until the loan is repaid;
ca That If he shall fell to pay any
part of the principal or interest Of the
loan when either becomes due. or to
conform to or comply with any of the
foregoing conditions or any other con-
dition imposed by this section or by
the commissioners under the authority
granted by this section, or II he shall
make any false statement in his ap-
plication for the loan or with refer
ence to the use to be made Of the loan,
the whole sum Of money secured by
the mortgage shall, at the option of
the commissioners, become due and
payable at once without notice to the
mortgage, his heirs or assigns, and
that the commissioners may foreclose
the mortgaged property in the manner
provided by law for the foreclosure Of
real estate mortgages and hold, lease
or sell the property IN accordance with
the provisions of subsection of this
section.
6. Whenever the commissioners
have taken possession OF mortgaged
property under foreclosure proceedings
they shall for sixty days advertise the
property for sale with the state COM
missioner of immigration, and in one
or more newspapers printed In the
county in which the property is stu
ated, or in one or more newspapers
which circulate generally in the coun-
ty. At the time appointed for the
sale, one or more of the commission
ers or the superintendent Of farm
loans, or one Of his assistants, shall
attend the place of sale and make sale
of so much of the mortgaged property
to the highest bidder, for cash, as will
pay the amount due for principal in
terest, damages and the cost of ad-
vertising and selling the property In
case no one will bid the full amount
due to the state. the person acting on
behalf Of the commissioner shall bid
in the property for the state; and the
i9SfOnQrS shall
sible sell the property to the highest
bidder for cash or on an instalment
plan requiring the payment of not less
than one tenth Of the purchase price
the balance in equal annual payments
with interest at five per cent in not to
exceed twenty years. with the privil-
eye of repaying. in whole or in part,
than twenty years; or, in case the
commissioners deem it more advan-
tageous to the state, they shall hold
and lease the property bid in by them
on such terms as they deem best un-
til such time as they deem 1t expedi-
emit to dispose Of the property by sale.
No property taken by the commits
sioners to recover the amount Of a
loan shall be sold by them for less
sum that that chargeable on the land.
and If sold for a greater sum the ex-
cess shall be paid to the mortgagor,
his heirs or assigns.
tons 1 O and Co of this section,
the applicant for a loan shall pay no
charges to the commissioners or to
any county officer for any services
rendered In compliance with the terms
g.. Amy applicant for a loan who
shall knowingly make any false state
ment In his application for a loan or
the Improvement for the making Of
which the loan was granted or who
shall in any way mislead or attempt
to mislead the commissioners in any
matters pertaining to the granting or
| the use of the loan, or who shall in
any manner procure any loan from the
commissioners contrary to the spirit
and intention Of this section: and any
state or county officer or employe who
shall aid any applicant for loan in
so procuring loan or who shall ex-
act charge in any form or manner, in
addition to the charges hereinbefore
prescribed, for services rendered in
compliance with the provisions Of this
section shall be deemed guilty of a
misdemeanor and upon conviction
thereof shall be punished by imprison-
nlent In the county jail for not less
than sixty days nor more than one
year.
9. The state treasurer shall act ex
officio as treasurer for the commits
sioners and shall have charge of the
receipt and disbursement of all funds
received and disbursed by the COM
missioners under this section, but he
shall neither receive nor disburse any
such funds except upon the order Of
the commissioners.
10. The commissioners shall set
aside from the annual charge paid by
each borrower having a loan of money
from the trust funds of the state a
sum of money equal to three and one
half per cent interest on the principal
or the balance Of the principal of the
loan held by the borrower and the
state treasurer shall pay each such
sum as received into the appropriate
trust fund. The treasurer shall pay
the remainder of each annual five per
cent charge paid by borrowers under
the terms Of subsection / of this Sec
ton into the farm loan fund hereinaf-
ter provided for.
IL. The treasurer shall pay all
moneys received from borrowers which
are not payable to the trust funds or
to private investors into a fund to be
known as the farm loan fund, and the
treasurer shall keep this fund separ-
ate and make disbursements from it
only upon the order of the commits
sioners and for the following purposes
and no other:
(a) For paying the salaries of the
superintendent of farm loans and his
assistants and their necessary and ac-
tual travelling expenses so far as these
cannot be met by the two per cent