Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-08-13

the unpaid principal to become due
and payable Immediately and the
whole amount OF the unpaid princi-
pal and accrued interest shall
thereafter draw interest at the
rate of one per centum per month
or fraction of a month, until the
day of sale, but at any time prior
to the day Of sale, the owner may
pay the amount of all unpaid in
Stallments with interest at one per
Centum per month OF fraction Of q
month, and all penalties accrued,
ana shall thcreupon be restored to
the right thereafter to pay In I'M
stalmcnts in the same manner as
If default had not been suffered
The ownersof any property not IN
default as to any installment or
| payment, may, at any time, pay the
whole of the unpaid principal, with
| interest accrued to the maturity of
| the next inStallment of interest or
principal. Payments of the whole
assessment may be made to the
| City Treasurer at any time within
thirty days after this ordinance be-
comes effective, and an allowance
VI llNe ptl Ntlthll WIZ NC maui va
all such payments during such
period only
Section 4: The amounts assess
cd as aforesaid shall be lien upon
said lots and parcels of land, and
| a personal liability of the owner or
owners thereof, from the time of
such assessments. 1t shall be the
duty of the City Clerk. within
thirty days hereafter to make out,
sign. attest with the seal of the
city, and file for record in the Of
flee OF the county clerk of Berna
lilo county, claim of lien for
| the amount due and assessed
against each lot and parcel of land,
as above specified, and all pur-
chasers, mortgages and incumh-
RANGERS of said lots and parcels of
land shall take the same subject to
such lien, and such lien, when de-
linquent. shall have the effect of
a mortgage, and may be fore
closed in the manner now provided
by statute or as may DO hereafter
provided for the foreclosure of
mortgages on real estate. Whep
said assessments and the install
ments of such and the interest
thereon have been paid In full, 1t
shall be the duty of the city clerk
to release and discharge the said
| lien and liability.
Section 3 To evidence the liza
bility of the said owners. and their
property, for payment of the as
sessments here specified the City
| Commission shall have power, and
| IL shall be its duty, to issue or
cause to be issued to the FL Paso
| Btulithic Company, or its assigns,
| in the name of the City, assignable
certificates declaring such liability,
accurately describing the property
covered by each assessment and
naming the owner of said property.
The said assignable certificates
shall be payable in ten equal in
stallments, the first being due and
payable one year after this ordi-
nance becomes effective, and one
being due and payable each year
thereafter until all of said in
stallments are fully paid. The said
certificates shall bear interest at
the rate of six Ca per centum per
annum, payable on the first day of
May and on the first day of No
yember, in each year. Said as
signable certificates shall be signed
by the chairman of the city COM
mission and eX-officio mayor Of
the City of Albuquerque. counter
signed by the City Treasurer, and
scaled with the seal of the City and
attested by the City Clerk, and
shall be in the form prescribed by
the ordinances of said City her
tofore adopted for the street inn
provements heretofore completed
land accepted.
Section 6: The aid assignable
certificates shall be delivered 10
the FL Paso Bituiithic Company, or
its assigns. In accordance with its
contract with the City and the pro-
ceedings of the City Compassion
heretofore or hereafter adopted.
The said FL Paso Bitulithic Com
pany. or its assigns, shall have the
right and privilege of exchanging
the said assignabie certificates for
paving bonds in convenient denom-
nations. to be issued by the City
pursuant to Ordinance No. IS.
adopted and approved by the CITY
Commission on the 18th day of Mo-
vember. 1919. Upon such ex-
change ii shall be the duty of the
CITY Treasurer to retain possession
of the said assignahle certificates,
to receive and dishurse all pay