The New York herald., 1922-03-08

struction. including the purchase
price OF any lands acquired for the
project. but excluding administrative
expenses and the expense ss or main
tanning general offices and exercising
general supervision over projects,
shall be apportioned eauitably among
the farm units, farm workers units,
town lots and other tracts within
the project in proportion TO the sell
ing value OF each unit. lot or tract;
and the total sale price Of all lands
within the project shall ba fixed
with a view of rcpaying the total o.
such construction cost OF the project.
OBJ Each allottee of a farm unit or
farm workers unit shall pay to the
board such price as the board shall
fix for the unit in pursuance OF the
provisions OF subdivision (A) OF this
section: except that In case the al
lottee Is a veteran there shall be de-
ducted from such price the amount
or his adjusted service credit.
tC) A veteran or repatriate may at
his option. In lieu of payment in full
at the time of entry. pay all balances
due upon the purchase price for his
unit upon an amorti2a ton plan by
means of fixed number of annual
installments sufficient to cover O
interest on the unpaid principal at
lhe rate Of per centum per annum,
and CD such amount of the principal
as Will extinguish the debt within
an agreed period not exceeding
twenty-five years from the making
OF the contract of purchase. In the
case OF veteran the installments
shall be arranged that he will not
be required to pay any installment
until two years after the making Of
the contract of purchase The board
may in its discretion, whenever it Is
CT the opinion that any emergency
has caused default in the payment
of any installment or the veteran or
repatriate. postpone the payment of
such installment until such date as
1t deems expedient. Such postponed
payments shall continue to bear in
terest on the unpaid principal at the
rate or per centum per annum from
the date OF the contract OF purchase.
The board shall make such regula-
tions as to residence upon, and use
or cultivation of. units by a veteran
or repatriate as. in the opinion of
the board. will carry out the pvr-
pose OF making the unit his perma-
nent home.
Section 500. A patent or deed, as
the case demands, shall immediately
be issued to a purchaser who has
paid tho full price for his unit, and
may be issued at any time more than
five years after the date Of purchase
to any purchaser under the anortiza-
tion plan who has met all payments
then due from him to the board and
has observed all conditions pre-
seribed by regulations issued under
the provisions of subdivision C of
section sos. Each such patent or
deed shall expressly reserve to the
United states prior lien Oh the lard
patented or decided, superior to all
other liens, claims or demands what
soever for the repayment of all sums
due or co become due to the board.
Section $40. (A) If the veteran
dies after making application in ac-
cordance with the provisions of sec
ton 500 for land settlement aid and
before having entered into a contract
or purchase under section sos the
amount of his adjusted service credit
shall be paid by the board to his
estate, but no such payment shall be
made II the veteran has been sepa-
rated from the military or naval
forces under other than honorable
conditions or discharged therefrom on
account OF his alicnagc. (B) I. the
veteran or repatriate dies previous to
the completion OF his contract of
purchase the successor by law to his
interest In the land. if r. widow or
heir at law, nay assume the contract
OF purchase If the successor is other
than a. widow or heir ut law the
balance due the board under the con-
tract OF purchase shall be due i'm
mediately and shall be paid the
board within such time after the
death of the veteran as the board
shall by regulation prescribe.
Section S11. No lands within any
project shall in any event become
liable to che satisfaction OF any debt
Section Si2. Prior to the issue of
deed or patent therefor. No trans
FER, assignment. mortgage or lease Of
the interest of any purchaser OF a
unk shall, unless approved by the
board, be valid previous to the issue
or the deed or patent for the land
or within five years after the date
OF purchase.
Section S12. Prior TO the issue of
deed or patent. as the case may be,
Tor any unit. lot, or tract within a
project such unit, lot. or tract shall
be subject TO taxation by any State.
or political subdivision thereof, but
only upon the appraised value OF the
owners interest I'm the land and i'm
proVements thereon. IL the owner
rails to pay any such tax or assess
ment the board Is authorized to pay
such tax or assessment. and to in
ciude tho amount of the payment, to-
gether with interest and penalties at
the rate provided by law for de-
linquent taxes In the State in which
the land is located, in the INSTALL
ments payable under the contract OF
purchase.
Section s13. Upon the default Of
any payment due to tho board under
or upon the violation OF. the pro-
vision of subdivision (C) OF sec
tion sos. or IL sections $40, S11 or
Sl2, the interest OF the purchaser in
the unit shall revert to the United
States free OF all encumbrances, but
subject to the right OF the defaulting
debtor. or any mortgagee. lien holder.
judgment creditor, or subsequent pur-
chaser. to redeem the land within one
year after the board gives notice OF
such default. by payment of all
money due, with interest at s per
centum per annum from the date OF
default. and costs. The board, at its
option. may cause the land to be
sold at any time after such failure
to redeem. From the proceeds OF the
sale the board shall retain all moneys
due. with interest as provided. and
costs. The balance Of the proceeds.
if any, shall be the property OF the
defaulting debtor or his assignee. In
the case OF sale after failure TO re-
deem under this section tho board Is
authorized to bid In such land az not
more than the amount In default. In
cluding interest and costs.
Section S14. In case veteran