The Ordway new era., 1916-10-27

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and a |, form as above mentioned. and ~
s%nai! shall ferthwith tran.mit the deed q
soon as the deed q Gu tGust a'iSrq,a iS rstSrnsd
from the county clerk and recorder
sari.t weh the ss usual certificate Of record the
deed of trust and all other securities
In question to the state treasurer. who
shail ,h thereupon pay to the applicant
note. The state board of land commis-
sioners shall In each case require from
the the applicant an abstract OF title to
OF trust. which said abstract shall also
be deposited with the state treasurer In
| trust. -
Failure to pay any or all taxes when
me same are due. or failure to pay the
render the principal due and payable.
anything in the note or deed Of trust
to the contrary notwithstanding.
When loan has been made and the
borrower desires to renew the same for
one or not more than five years. It
made in the first Instance, but no new
abstract. except a continuation of the
same down to tho time of extension.
original ioan nor % new eve desd a0r of % ,ruse tne
need be required. unless the deed Of
trust Is to be given upon other lands.
security. may be extended in writing to
be recorded as tho original security
was recorded, and before maturity OF
the claim. when the state board of land
commissioners shall SO order, but such
extension of time shall not operate to
release any security held. and lapse Of
action to recover any part of the school
or other permanent fund SO loaned. nor
shall 1t prevent the introduction of evil
dence in such action. any provision of
Ing.
All payments of either principal or
character. shall be made to the regis
ter of the state board of land COM
missioners. who shall forthwith trans
certificate showing tho amount and the
purpose for which the payment is made.
and the treasurer shall forthwith in
payment SO made. and when the debt
is fully paid. the treasurer shall cancel
the note and deliver the note. abstract
securities to the register Of the state
board of land commissioners; the reg
lister of the said board shall execute
Of of such deed Of trust ana return the
note. abstract and other securities to
the debtor and report the Same to tho
% Its next tim meeting. which report shall BE-
carried into the records Of the board.
The register of the state board of
his Office in books to be provided for
that purpose, accounts to be known as
Permanent Fund Accounts" In which
aa msmorandum Of all notes; moEtgages cages.
of every kind and description which
may come into his hands as such reg
lister ar and separate accounts Of princi-
When outstanding notes for money
of any permanent fund loaned or In
terest thereon become due; the register
ers shall. by mail. at once notify the
debtoT to make payment thereof with,
In thirty days. II such debtor shall ,sa
register of the state board Of land
commissioners shall report the same to
the attorney general. who shall imme-
such other procedure as may be neces-
sary and appropriate to rec'ver the
same. and an Injunction may issue
pointed for cause. when SO prayed.
Foreclosure Of lands under deeds of
trust given to tho state in accordance
with the foregoing provisions. shall be
upon the same terms and conditions.
except as herein otherwise provided. as
are prescribed by law for the fore
closure of ordinary deeds OF trust 70
the public trustee and the state board
Of land commissioners or any officer
or representative of that board. or the
attorney general or any representative
right to bid In. In behalf of the state.
said lands at such foreclosure sale. and
the same shall be subject to redemp-
like conditions as are lands sold under
deeds of trust In the ordinary course
of business.
In tho event that such lands shall
aforementioned are not redeemed
deeds shall be executed BY the pub;
lie trustee to the State of Colorado and
control and direction of the state board
of land commissioners, subject to all
terms and conditions which now or
school lands: provided. However. that
such lands shall not constitute a part
of the public school land. but shall be
treated and considered as IN manner
hereinafter mentioned.
AS soon as the deed from the public
trustee shall issue to the state. the
same shall be placed on record In the
proper county. and the state board OF
land commissioners shall certify the
facts to the state board of equaliza-
tion. or such other officer. board or
ity to make ievies in behalf q ths
loan to the school fund. except that in,
solely at the rate Of six. per cent (ezsl
per annum upon the principal amount
Of said note. together. with all taxes
due on said lana rs hereinafter pro-
vided, and the state board of equaltza-
tion or such other officer, board or bu-
reau as may hereafter have authority
to make leVies in behalf of the state.
shall, at the next meeting where the
levy of taxes for state purposes Is
made, include in said levy tax upon
all taxable property within the state,
Iof sufficient amount to reimburse the
school fund for the amount OF said
loan. principal interest and costs, and
such tax, when collected, shall be. by
the state treasurer, credited to the
state school fund.
All lands so sold under foreclosure