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

Copper intersection, $22.40.
Sec. 3. That said assessments
shall be due and payable at the
office of the CITY Treasurer within
thirty 800 days after this ordi,
nance becomes effective. without
demand. Provided, however. thai
all such assessments may. at the
election of the owner, be paid in
installments, with interest. as here
| inafter provided. Failure to pay
the whole assessment within said
period of thirty 600 days shall be
conclusively considered, and held
an election on the part of all per-
sons interested, whether under dis
ability or otherwise. to pay such
installments. In case of such cleo
| ton, TO pay in installments, the
assessments shall be payable at the
| office of the City Treasurer in ten
! C10) equal installments of princi-
pal, the first of which installments
of principal shall be due and pay
able one Cd year after this ordi-
| nance becomes effective, to-Wlt:
Ion or before the twenty-fifth day
Of July. 1928, and the remainder
of said installments shall be due
and payable successfully on the
same dav in each year thereafter
until paid in full, with interest in
all cases on the unpaid principal of
each of said instalIments until the
maturity thereof, at the rate of
seven CD per centum per annum,
the first payment of interest being
due and payable on the first day
of November, 1922, and the re-
naming payments Of interest being
due and payable semi-annually
| thereafter until fully paid. except
the last payment Of the last in
stallment OF principal. all pay
ments to be made at the office OF
the City Treasurer Failure to pay
any installment, whether of prin-
cipal or interest, when due. shall
cause the whole of the unpaid
principal to become due and pay
able Immediately and the whole
amount of the unpaid principal
and accrued interest thereafter
shall draw interest at the rate of
| 1 per centum per month or frac-
ton 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 installments
with interest at l per Centum per
month or fraction thereof. and all
the penalties accrued, and shall
| thereupon be restored to the right
thereafter to pay in installments in
the same manner as if default had
not been suffered. The owner of
any property not in default as to
any installment or payment may
at any time, pay the whole OF the
unpaid principal, with interest &C
cruing to the maturity of the next
installment of interest or prlncl-
pal. Payments of the whole as
sessment may be made to the CITY
Treasurer at any time within
thirty 800 days after this ordi-
nance becomes effective. and an
allowance of five per centum VIII
be made on all such payments dur
ing such period only,
Sec. 4. The amounts assessed
as aforesaid shall be a 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 (S0) days hereafter to make,
sign, attest with seal of the city
and file a claim of lien for the
amount due and assessed against
each lot and parcel of land IN the
office of the county clerk OF Ber-
nalillo county, and all purchasers,
mortgages and membranes 10
said lots and parcels of land shall
take the same subject to such Hen,
and such lien. when delinquent,
shall have the effect OF mortgage,
and NAV be foreclosed in the man
ner now provided by statute or to
be hereafter provided for the fore
closure of mortgages on real estate
When said assessments and the IN
stallments thereof and the interest
thereon have been paid in full, II
shall be the duty of the City Clerk
to release and discharge the SAID
lien and liability. w
Sec. 8. 10 evidence the liability
of the said owners, and their prop
erty. for payment of the assess
ments herein specified. the City
Commission shall have power. ana
it shall be its duty. to issue or
cause to be issued to the New
Mexico Construction company, or
its assigns, in the name of the CITY,
assignable certificates declaring
such liability, accurately descrlb-
ing the property covered by each
assessment and naming the owner
of said property. The said assign
able certificates shall be payable
in ten equal installments. the first
being due and payable one year
after this ordinance becomes Ell
fective, and one being due and pay
able each year thereafter until all
of said installments are fully PAID.
The said certificates shall bear
interest at the rate of seven %
per centum per annum, payable on
the first day of November and on
the first day of May in each year:
Said assgnable certificates snail
be signed by the Mayor or sald
city, and countersigned by the city
Treasurer, sealed 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 heretofore adopted Tor
the street improvements hereto
fore completed and accepted.
Sec. 6. The said assignable Ger
tificates shall be delivered to the
New Mexico Construction COM
pany, or its assigns. in accordance
with it's contract with the city. and
the proceedings of the City Com
mission heretofore or hereafter
adopted. The said New Mexico
Construction company. or its as
signs, shall have the right and
privilege of exchanging said as
signable certificates for paving
bonds in convenient denominations,
to be issued by the city pursuant
to Ordinance No. 1922. adopted and
approved by the City Commission
on the eighteenth day Of July. A.
d. 1922. Upon such exchange, it
shall be the duty of the City Treas
urer to retain possession of the
said assignable certificates, to re-
ceive and disburse all payments
made, to endorse on each certifi-
cate the amounts paid thereon,
both principal and interest. and to
release and discharge the lien and
1iahf1ituI ,tnop nour,pnt pf tho fIn