Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-07-20

day n each year thereafter UNI
til paid in full, with interest in
all cases on the unpaid principal
of each of said installments UNI
til the maturity thereof, at the
rate of 8 per cent per annum,
payable sepi-annualIy, at the Of
flee of the City Treasurer, the
first payment of interest being
due and payable on the first day
of November, 1922, and the re-
naming payments of interest be-
ing due and payable semi-an-
nually thereafter until fully paid
all payments to be made at the
office of the city treasurer in the
City Hall Building. Failure to
pay any installment, whether OF
principal or interest, when du;.
shall cause the whole of the ur-
paid principal to become due and
payable Immediately Nand the
whole amount of the unpaid prin-
cipal 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 UNI
paid installments, with interest at
one per centum per month or
fraction of a month, and all PEN
alties accrued, and shall there
upon be restored to the right
thereafter to pay in installments
in the same manner as If default
had not been suffered. The own
er of said property not in default
as to any payment or installment
may, at any time. pay the whole
of the unpaid principal with IN
terest accruing to the maturity
of the TEXT installment of inyer-
est or principal. Payment of the
whole assessment may be made to
the city treasurer at any time
within thirty days after this or
dinance becomes effective, and
an allowance of 7 per centum ill
be made on such cash payments
lui irg such period only.
Sec. 4. The amounts assessed
as aforesaid shall be lien upon
said property and personal
of the owner or owners
thereof. from the time of such
assessments. 1t shall be the duty
Of city clerk to make out, sign,
attest with the seal of the city
and file for record in the office
Of the county clerk Of Bernalillo
County, within thirty days here
after. a claim of lien for the
due and assessed against
said property as above specified,
and all purchasers, mortgages
and membranes of said proper
y shall take the same subject
o such lien, and such lien, when
delinquent, shall have the effect
IF a mortgage, and may be fore
closed in the manner now pro-
'tded by statute or as may be
hereafter provided for the fore
closure of mortgages on real es-
ate. When said assessments and
he installments thereof and the
interest thereon have been paid
n full. it shall be the duty of
'aid city clerk to release and
discharge the said lien and liabil- |
ty.
Sec, 5. To evidence the liabil-
ty of the said owner and its
property for the payment of the
assessments herein specified. the
'ity Commission shall have pow
II, and it shall be its duty, to
ssue or cause to be issued, in
he name of the city, to the New |
Mexico Construction Companr,
nc. or its assigns, assignable |
certificates declaring such liabi.-
ty, accurately describing the !
covered by each assess
nent and naming the owner OF |
aid property The said assign
tblc certificates shall be payable !
n ten equal installments, the
irst being due and payable one |
'ear after this ordinance be- |
ONES effective, and one being
tue and payable each year there
Utter until all of said INSTALL |
nents are fully paid. The said cer-
ficates shall pay interest at therate |
# eight per centum per annum, |
payable on the first day of Nav |
md the first day of November
n each year. Said assignable Ger
ificates shall be signed by the
of the city commission
md ex-officio mayor of said CITY,
'ountersigned by the city treas
lrer, sealed with the seal of sa d
.lty, and attested by the city
'lerk, and shall be in form pres
ribbed by the ordinances of said |
'lty heretofore adopted for the
street improvements heretofore |
and accepted.
Sec. {. The said assignable
certificates shall be delivered to
he New Mexico Construction
company or its assigns in accord
Lnce with its contract with thu
'ity and the proceedings of the
'lty commission heretofore or
hereafter adopted. The said New
neXlco Construction Company.
nc. or its assigns, shall have the |
light and privilege of exchanging
aid assignable certificates for
paving bonds in convenient de-
to be issued bv t,a
'lty pursuant to an ordinance
'dopted or to be adopted Ly the
'lty commission. Upon such ex-
i''iSN' II snail ne ltlp uutV IF /
ne city treasurer to retain pos
ession of the said assignable Ger
lilcates, to receive and disburse
III payments made. to endorse
m each certificate the amounts
aid thereon, both principal and
interest, and to release and dis
,harge the lien and liability
hereof upon payment of the fun
mount due, as aforesaid, all in
lccordance with the ordinance of
ne city and any other provisions
hat have been or may he re-
luired-- by the city commission.
See. 8. All ordinances or re7-
or parts thereof, in cor
net with the provisions of this
ordnance, are hereby repealed,
After said assignable certificates
re issued, this ordinance SHAH
20 and remain irrepealable until
ald certificates and the interest
hereon shall be fully paid sat