Emmons County record. [volume] (Williamsport, D.T. [i.e. N.D.]) 1884-current, 1921-09-29


any person who does not actually re-
side upon and cultivate the land upon
which loan is desired by the appli-
cant at the time the application for
such loan is made. Provided, that
where the applicant owns no land he
may make application for loan for
the purpose Of purchasing land, such
loan to be made on the condition that
the applicant shall make his home up
on and cultivate said land within six
months after receiving such loan. In
case of sale of mortgaged land the
bord may permit such mortgage of
the vendor to be assumed by the pur-
chaser or by the heirs of the deceased
mortgagor.
2. The amount of loans to any one
borrower shall never exceed maxi
mum of ten thousand dollars nos shall
any loan be for less sum than five
hundred dollars.
8. Every applicant for loan I'M,
der this act shall make application on
a form to be prescribed for that pur-
pose by the board and such applicant
shall state the objects to which the
proceeds Of such loan are to be APP
piled and shall furnish such other in
formation as may be required.
9. Every borrower shall pay sim
pie interest on defaulted payents at
the rate of eight per cent per annum
and by express covenant in his mort
gage deed shall pay, when due all
taxes; liens and insurance which may
be lawfully assessed against the mort
gagged land. Taxes or insurance not
paid WIN due and pied by the mort
gage, shall become a part of the
mortgage debt and shall bear simple
interest at the rate of eight per cent
per annum. Every borrower shall
keep insured to the satisfaction of the
board of all buildings, the value of
which was factor in determining the
amount of the loan. Insurance shall
be made payable to the mortgage,
as it's interest may appear at the time
Of loss, and, at the option of the mort
gagor and subject to the general reg
ulations of the board. Sums so re-
ceived may be used to pay for the re-
construction of the buildings des-
troyed.
10. Every borrower who shall be
granted a loan under the provisions
Of this chapter shall enter into an
agreement with the Doarc that if the
whole or any portion of his loan shall
be expended for purposes other than
those specified in his riginal appli-
cation, or f the borrower shall be in
default in respect to any condition or
covenant Of the mortgage, the whole
of the loan shall at the option of the
board become due and payable forth
with; provided, that the board may
permit such loan to be used for any
purpose specified in subdivision four
of this section.
IL. No loan or mortgage securing
the same shall be impaired invalidated
by reason Of the exercise Of any pow
er of any agent Of such board in ex-
cess Of his powers herein granted, or
any limitation thereon or in excess Of
the powers granted by such board.
Section 10. RELEASES. When
the mortgagor or his successor in in
terest has fully paid any mortgage
it shall be the duty Of the loard to
furnish him with proper release or
satisfaction thereof, executed by the
commissioner and attested by the Sec
retary Of the board. with an impress
sion Of the seal Of the board thereon,
and the mortgage papers belonging
to such loan, including abstract Of ii
tile and insurance policies assigned,
shall be returned to such person.
Section ii. MORTGAGES. All
mortgages and accompanying prom
issory note or notes taken by such
board for money loaned shall run to
the State of North Dakota as mort
gage or payee, as the case may be,
and all titles to property taken by
such board shall run to the State Of
North Dakota as grantee and any real
property SO acquired by the board
may be sold under such rules and reg
ulations and upon such terms as may
be determined by the board; provided
that no such land, shall be sold for
an amount less than the Indebtedness
accrued thereon at the time Of the
acquisition q the title BY such board,
together with interest thereon 4 the