The Grangeville globe. [volume] (Grangeville, Idaho) 1907-1922, 1915-11-11
Informs Borrowers From the
State What Is Required in
Making Application.
METHOD SIMPuFIED
Cut Out Unnecessary Correspon-
dence With Applicants to
Eliminate Delays.

The state land board at meeting
held on Monday afternoon, adopted a
+. new set of rules covering farm loans
from state funds The intention of
the board is to so simplify the ru.es
that applicants for loans win under
stand what Is required ON their part
and win be able to save themselves
trouble and delay.
The new rules, which are self-ex-
planatory, ere as follows:
l. Applications for loans must be
made on forms furnished by the reg
tster OF the state land board upon re-
quest Applications must be carefully
executed and sworn to before a notary
public.
Application Fee
2. The applicant must file with his
application certified check, bank
draft or money order in an amount
equal to Il per cent of the amount ap-
piled for. This fee is intended to COW
er all costs to the applicant in making
lands. 1t will be considered that this
fee has been earned as soon as the
appraisement is made, whether the
loan Is granted or not. If for any rea-
SON the application should be rejected
without the state being put to amy ex-
pense, the fee will be returned.
8. Applications in regular form ac-
Companied by 1 per cent fee must be
filed for renewal of loans II lands
are not appraised the fee win be re-
funded. When appraisement is made
and the application denied, the ap-
proxima&e cost of the appraisement
win be rets ined and the balance re-
turned to the applicant.
Maximum Loan $4,000
4. The maximum amount any one
person may borrow is 5000. No land
will be appraised for over $500 an acre.
Tubs rtIle applies to renewals.
s. Loans are made for five years,
payable on any interest peyment date.
The interest rate is 6 per cent, pay
able semi-annuaNy on January / and
July1
Title Required
2. Warranty deed and United
States patent are the only evidences oil
title which win be accepted. Loans
win not be made on final certificates.
8. AS soon as application is granted
the applicant viii 'be directed to I'll.
an abstract brought down to date
/
caused by sending in Incomplete q
imperfect abstract.
O. The state viii accept only firs
mortgages.
10. Blank notes and mortgage will
tree of charge
interest Notes.
IL. When a loan is made near a
trfa 7afo fha taado
est note should be made payable o
the next succeeding interest date. Fo
example: When a loan Is made 1
November or December, the first in
terest note should be mad payable o
the following July 1, with interes
computed to that date. The succeed
ing interest notes win be in equal an
regular amounts, payable on Januar
/ and July Of each year. except tn
last one, which should be made payab
on the date of maturity of loa
and show interest from the last interei
payment date to such time.
IL. Both husband and wife are II
quired to sign the principal note I
wen as all the interest notes and ta
mortgage. If the mortgagor Is a sing
person the fact should be so stated
the mortgage.
Is. If the applicant wishes a ban
or other agent to act for him and r
ceive the money, he should file wri
ten order to this effect with the re
lister.
Fl Mortgage Payments.
IA. II the abstract Of title to d
u lands Offered as security shows
81 outstanding mortgage or other lie
against the property, and II It Is d
81 sired to pay off same and clear I
title with the money borrowed frs
the state. the applicant may, in su
case, request that the state warru
be issued and placed in escrow in soi
reliable bank In the state, pending /
clearing Of title and completion OF 10
papers, in which case the notes 4
mortgage should be dated even w
or prior to date ON which order
81 warrant Is written and draw inter
from that time
10. Application blanks WIN be- 3,
bona fide applicants for loans on
Other agencies need not apply. AID
cants are encouraged to deal dire
y with the land board In loan m,