Page:British and Foreign State Papers, vol. 144 (1952).djvu/388

364 per pound; from 1.50c to 2c, there shall be an increase of four-hundredths of 1 per cent. for each one-hundredth of a centavo of increase in the average price of a pound of sugar.

(c) The amounts applicable to interest, or to principal, when there are any applicable to principal, shall be prorated among the various creditors, if necessary, in accordance with the amounts which they are respectively entitled to receive in compliance with the present transitory provision.

(d) When in any crop the official average price reaches 2c or more per pound, 5 per cent. of the value of the sugar produced in that crop and pertaining to the mill, that is, excluding the sugar necessary to pay the price of the cane ground, shall be applied as a special amortization for the year in question, and 10 per cent. additional instead of the 5 per cent. when the price exceeds 2.50c, without such special amortizations, eliminating the obligation of the exactable amortizations that the debtor must pay.

(e) On expiration of the period determined by rule 1, the creditor shall be entitled to claim all that is due to him for principal and interest exactable in accordance with this transitory provision.

(4) With respect to the obligations proceeding or derived from the deferred price of lots bought on instalments, prior to August 15, 1934, regardless of the principal amount due, the amortization shall be effected in 30 years, as an exception to what is provided on these points in rules 1 and 2, which shall be applicable thereto in all else, and in no case will interest be paid.

This rule shall be applied only to lots the deferred. price of which does not exceed $3,000.

In the case of judicial sale of a lot sold on instalments, because of a failure to pay the price, the value of the buildings constructed thereon by the buyer or his successors shall be appraised in the judicial proceedings, deducting from the amount fixed the value that reasonably represents the use and enjoyment of the said buildings. The net amount resulting from the appraisal thus made, shall be paid to the debtor by the one who purchases the property at the sale or by the creditor, as the case may be, as indemnity, before the ownership of the property is conveyed to him.