Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1920-11-15

The first mortgage had been placed
In, the hands OF attorneys In this city
for foreclosure and demands were be-
Ing made. upon the business men un-
der their guarantee for the payment
Of the Sinstalin,snts and interest past
due.
BY borrowing money 1 was enabled
to pay thesinterest which matured 81
Jan. 4, $1ei8, and, Jointly with Mr..
Tracy r. Bangs. guaranteed the
payment of the installn1ents OF aprinoi-
pal past due and procured q further
extension Of time for the payment
thereof. zS a
In conjunction with the officials OF
the city, of the school board and Of
the county, efforts were made at diff
ferent times to compromise the taxes,
which were excessive but these were
successful only in minor degree and
in. May. 1873, by advancing money
myself, / was able to clear the prop
erty Of taxes by the payment of the
sum of $1,451.94; the real estate taxes
have been reduced from something
like $500. in 1910 to $70.22 in 1919,
amount to approximately $500 per
year.
During the war there was a de-
FNlOA. - T.. I - ~ b
gatherings of a public nature and the
city appropriated and paid during the
course of one year $l,120 for its use
for this purpose.
In the summer of 1919 the first
ffnlortgagee exertcd a determined pres
sure upon the business men, whose
guarantee it held, for the payment of
tho installments due Jan. l, 1917.
1918 and 1919, sor., of which, as said
before. had in addition been guar
\ antced by Mr.. Bangs and myself: a
meeting of these business men was
held and 1t was thought best to make
esome effort to realize upon the audi
torium building and get the matter
closed UP, iff possible without addi-
tional loss to these men.
Many. 1T not most of these guaran-
tors beside having made other sub
.scriptions, had also signed the notes
ofsthe Oratorio society secured by the
second mortgage and had been COM
PEELED to pay these notes (Which were
in5the sun of $3.50 each), and it was
decided to procure an assignment OF
the rights held by the signers OF these
notes to a trustee for the purpose of
foreclosing the second mortgage; this
was done and the foreclosure Of that
mortgage was had by action; after
Judgment was rendered,s Nov.5, 1919
in the sum of $S,142.5O.a the sale of
the property was set for December
u10,-and thirty days notice thereof was
given through the public press; on
the day of sale no one appeared and
no bids were made and the sale was
postponed for two days; "a further
conference vas held attended by e.. j.
Lander, g. j.. Murphy and Tracy r,
Bangs and others and I was induced
to bid upon the property with the
agreement that ] would personally
hold the +.guarantors free from loss
upon their guaranty and In accord
in the property on the foreclosure OF
the second mortgage for the sum OF
$500 subject to the unpaid install.
ments Of the first mortgage with in
terest, etc. 81
In January 1920 in compliance
with. my agreement and to protect the
property frons foreclosure on the first
mortgage I paid the matured install.
ments thereof with interest, costs
ETC.. a~ggregating $~4,763.s5.
Unless redeemed Or unless Other
arrangements are made 1 will acquire
title to this property under the fore
closure on Dec. u, 1920, at the ex-
piratiOn of the year of redemption.
L did not buy this property as ar
investments it will not pay taxes ano
interest on the investment and for the
time necessary to devote to it.
I bought the property only because
no n else would bid on it: to pre-.
vent loss to myself and others, it was
absolutely essential that someon
should purchase it. AXE it over ane
operate it in the hope that 'ultimatel,
1t might work itself out.
/ also bought it because of nj,
s pride in the city; becadse' I though,
the peoples Of the city wanted an au,