Emmons County record. [volume] (Williamsport, D.T. [i.e. N.D.]) 1884-current, 1919-05-01
0oinsg Of Legs.
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toEetner Win the appraisal, 70 the
Bank. Thereupon the Bank shall
promptly determine whether to grant
or refuse any part or all Of such loan.
Section ~. Every such mortgage
shall contain an sgreement providing
for the repayment Of the loan on an
amortization plan by means Of fixed
,, number, of annual installments sufii-
cient to cover, first, a charge on the
loan, at q rate not exceeding the in-
terest rate in the last s.aries Of real
estate loan bonds issued, If any, by
the State Of North Dakota; second, q
charge for administration and sur
plus, at rate not exceeding one per
cent per annum on the unpaid princi-
pal, said two. rates combined consti-
tuting the interest rate on the mort
gage; and, third, such amounts to be
applied on the principal as will extin-
guish the debt in not less than ten
nor more than thirty years; provided.
however, that advanced payment Of
one or more annual installments, for
the reduction of the principle, or the
payment Of the entire principle, may
be made at any regular installment
date; and, provided further, that in
case Of a crop failure which reduces
the mortgagor's reasonable crop in
come by one-half, all payments under
said mortgage may, in the discretion
of the Industrial Commission, be ex-
tended for one year, upon condition
that on the payment of all INSTALL
ments, such further annual payment
shall be made as will pay the interest,
with interest thereon, for the years
for which no payments are made.
The Industrial Commission shall de-
! termine whether mortgagor is en-
titled to an extension of the payment
of any installment under the provi-
sions of this section.
Section 10. Every such mortgage,
and the note or other obligation there
by secured, shall run to 'The Man.
agar of the Bank of North Dakota.
his successors in office or his assigns"
as payee and MORTGAGE, and shall
contain recital that it is executed
and delivered in conformity with and
upon the conditions expressed in this
Act, designated by it's title and the
date of its approval. After having
, been duly recorded in each county in
which the lands t.herein described are
situated, every such mortgage shall be
delivered to the Manager of said
bank and together with said note or
other obligation shall be held by the
Manager as, a part Of the assets of
1 the bank, or shall be otherwise dis
posed Of, ms hereafter provided. II 50
held, payments upon the note or other
obligation secured by said mortgage
shall be made to the Bank Of North
Dakota, and whenever it shall have
been fully paid, the Manager shall
promptly satisfy and discharge the
mortgage lien of record and deliver
the mortgage cancelled. with sat
isfaction thereof, to the person en-
titled to receive it.
| Section 10. Every such mortgage
together with the note or other OBJ.
4 legation thereby secured, may be sold
and assigned upon the payment to the
bank of the full value thereof. and
upon such sale and ASSIGNMENT. the
Manager may endorse either with o,
without recourse. In that case nay.
ments upon. said note or other obliga.
ton shall be made to the person en-.
titled to receive them; but each such
assignment shalt be made subject t,
the provisions concerning extension
of the time Of payments on account
of crop failures as provided in Section
II of this Act. and subsequent action
of the Industrial Commission in thai
regard shall be binding upon the as.
signee Of such mortgage: provided
however, that after assignment Of
such Mortgage extensions of paw.
ments for q yearly period shall b.
limited in total number to not NOR.
than one for every period of five
4 years or fraction thereof durine
which such mortgage has to run af.
/ ter the date Of assignment. u
/ Section 20. Every such mortgage
together with the note or, other OBJ
legation thereby secured. may be as
signed, and upon order Of the Indus.
trial Commission shall be ASSIGNED, t,
the State Treasurer of the State O
North Dakota as security for bond.
to be issued by the state as provide,
bv law. IN case Of such assignment
all payments due upon said note o.
other obligation shall be made to tn,
State Treasurer. j and the money =,
by hir: received shall be by him bel.
Isuk,,rcol n y =.