The Delta independent., 1916-10-27


gent t6 per cent? interest per annum.
annually until due. with interest at
lFate of eight per cent Is per cent? per
annum after maturity on both principal and
delinquent interest, said promissory notes to
be secured by deed of trust to the public
trustee of the county wherein the land is
situated. in favor of the State of Colorado
upon real estate above described of an
appraised value of at least three times the
amount of the sum borrowed.
Applications for loans on cultivated farm
lands shall be made direct to the state board
OF land commissioners upon blank forms to
be provided for that purpose. and no loan
shall ever be made unless the applicant has
a good title in fee simple to the lands offer
ed as security for the loan. Upon receipt
OF the application the state board of land
commissioners shall. unless they disapprove
the loan in the first instance cause the
land to be thoroughly examined and apprais-
| ed and If. in their Judgment. the security
| is ample and the applicant in all respects
| comes within the terms OF the provisions
OF this act, they may approve the loan !:
| provided, however. that in the event that
the loan is made on irrigated lands. such
requirements shall be made by the board
of land commissioners shall secure to the
state first lien upon all water and water
rights for the irrigation Of said lands.
| When the al .,lication is approved by the
state board of land commissioners. the regis
| ter shall complete the contract by taking
promissory note payable to the State of
| Colorado and secured by deed of trust upon
| the land in manner and form as above men
1
| deed of trust to the county clerk and re-
l>corder of the proper county for recording.
| As soon as the deed of trust is returned
J from the county clerk and recorder with
| the usual certificate of record the register
| shall transmit the note and deed Of trust
and all other securities in question to the
state treasurer. who shall thereupon pay to
the applicant the amount of money named
| in said note. The state board of land com
missioners shall in each case require from
| the applicant an abstract of title to the land
| cd tn ha daah of rrr,z 1yh fnl,
| said abstract shall also be deposited with
| the state treasurer in connection with the
| note and deed of trust.
| Failure to pay any all taxes when
the same are due. or failure to pay the In
terest upon the said in accordance with
| the terms of the note. shall render the prin-
or deed of trust to the contrary notwith-
/ standing.
When loan has been made and the Dor
| rover desires to renew the same for oil
not more than five years. it may be done
| in manner as the loan was made in the
1 first instance, but abstract, except
| continuation of the same down to the time
| of extension. nor examination of title prior
| to the original loan, new deed of trust
need be required. unless the deed of trust
| is to be given upon other lands. The time
/ Of payment. without further security. may
! be extended in writing to be recorded as
4 the original security was recorded. and be-
/ fore maturity of the claim. when the state
| board of land commissioners shall so order
] AAt @Atu fANtAH4ou OF llILe snail not oItE'
ate TO release any security held. and lapast
! OF time shall in no case be a bar to any &C
] ton to recover any part OF the school OF
/ other permanent fund so loaned. nor shall
! 1t prevent the introduction OF evidence in
/ such action. any provision of the law tc
4 the contrary Notwithstanding.
All payments of either principal or inter.
] est upon loans, or of any other character
1 shall be made to the register of the state
| board of land commissioners, who shall
/ forthwith transmit the same to the treas
urer with a certificate showing the amount
and the purpose for which the payment Is
made, and the treasurer shall forthwith
| endorse upon the note in proper form the
payment so made, and when the debt is fully
I paid, the treasurer shall cancel the note
and deliver the note. abstract of title and
| deed of trust and all other securities to the
| register of the state board of land commits
sioners; the register 'of the said board shall
execute and deliver a request for the releas,
j of such deed of trust and return the note
| abstract and other securities to the debtor
\ and report the to the state board o.
land commissioners at its next meeting
which report shall be carried into the rec
| ords of the board
! The register of the state board OF Ian,