The Republican. [volume] (Oakland, Md.) 1877-current, 1963-06-27

holders with instructions that a
sticker shall be placed on each
certificate An association may, in
the alternative, call in outstanding
certificates, and issue new GER
tificates in their place. After the
effective date of 1912, all new GER
tificates shall comply with 1912.
1922 Each association authorized
to issue Guaranty Stock shall file
with the Department of Building,
Savings and Lean Associations
specimen certificates and specimen
stickerS.
1912 Each association authorized
to issue Guaranty Stock shall file
with the Director of the Depart
ment of Building, Savings and
Loan Associations an Affidavit that
it has complied with these proVis-
ions.
109 INVESTMENTS
1891 Loans Secured by Real and
Lcasehold Propcrty-The follow
ing provisions shall apply to any
loan granted by any association on
the security of real or leasehold
property:
(a) Applicatio1-An association
shall, in every such loan, first OBJ
tain a written application signed
by or on behalf of the person for
whose benefit the loan is to be
made, which application shall con-
tain such necessary and pertinent
information with respect to the
borrower and the security as the
circumstances may require.
All applications shall contain at
least the following:
% The name, address and Oc-
cupation of the applicant for the
loan.
~ Tho nam" and address Of
the employer of the applicant, if
the applicant is employed.
~ The location Of the prop
crty. character of the improve
ments thereon, and, if leasehold,
the amount of the ground rent
thereon.
(4) The date title to the prop
erty was acquired by the appli-
cant, and his present valuation
thereof, or if the applicant does
not have title at the time of the
application, the actual considcra-
ton to be paid therefor.
rho application shall also state
whether any money or other thing
of value has been or is to be paid
to any corporation or person, other
than the association, as fee, COM
mission, or gift for procuring or
for cndCavoring to procure such
loan from the association, or for
any services in connection with
such loans. aside from those set
forth on the Memorandum of Set
Element, and, if so, the amount or
value of such fee, commission, or
gift and to whom it has been, or
is to be paid.
(b) Approximations an assO-
citation shall make loan to be
secured by mortgage on real or
leasehold property, it shall first
obtain a written appraisal of such
property from al least two quail
fled persons, which written APP
praisaI shall state the market value
of such property in dollars, and be
signed by all appraisers. The quail
fled persons making such appraisal
may be members of the associa-
tons board of directors or Ii
cenSed real estate brokers.
(c) First Lien-All loans given
by an association secured by real
or leasehold property shall con-
stitute a lien thereon in accord
ance with Section 1917 of Article
% of the Annotated Code of Mary
land. A mortgage held by an as
ISOLATION shall be considered a
first lien. within the meaning of
the aforesaid Section of Article %,
even though there may be a
ground rent issuing out of said
property and or a lien upon such
property for current taxes. assess
mcnts and special assessments so
long as such ground rent, taxes,
assessments and special assess
ments shall not be due and pay
able when the mortgage is cXecu-
ted or proper provision is made
for payment when due and pay
able. and further, such mortgage
shall constitute q first lien even
though easements, restrictive cove
nants, or other inCorporeal heridlte-
mentS exist against the property.
I'd Title Certification-NO aSso-
citation shall diSburse any money
upon mortgage loan unless 1t
shall first secure title certltl-
cation from its approved attorney,
or a title insurance policy from a
qualified title company to the eff
feet that upon closing:
% Title is good and merchan-
tible in the mOrtgagor.
~ The association has a first
lien, or a second lien subject to
ownership by the association of
the primary lien.
go All taxes and other charges
due and payable at the time of
settlement are paid or proper pro-
vision has been made for their pay
ment.
az In the event any other liens
are existing that might be prior
to the lien of the association, ade-
quate steps have been taken to
protect the association and Ior
mortgagor.
Ce) Insurancc-An association
shall require the mortgagor to
maintain at the mortgagor's eX-
pense, so long as his loan may be
outstanding. fire and extended COW
erage insurance upon the improve
ments on the real or leasehold
property securing such loan, in an
amount at least sufficient to pro-
tect the interest of the aSSOcia-
ton. in a company qualified to do
business in the State of Mary
land and approved by the asso-
citation; such insurance shall be
annronriatelV endorsed TO reflect