Page:United States Statutes at Large Volume 50 Part 1.djvu/531

 506 75TH CONGRESS, 1sT SESSION-CH. 482-JULY 10, 1937 to cover (a) interest on the unpaid principal at the rate of 3 per centum per annum, and (b) such amount of the principal as will extinguish the debt within an agreed period not exceeding thirty years. The moneys received by the Commission from any install- ment p aid upon such loan shall be covered in to the fun d. The payment of any installment due shall, with the concurrence therein of at least three of the, five members of the Commission, be post- poned in whole or in part by the Commission for such reasons as it deems good and sufficient and until such later date as it deem s advi sable . Such postponed payments shall continue to bear interest at the rate of 3 per centum per annum on the unpaid principal and interest. "SEC . 215 (3) . In case of the borrower's death the Commission shall permit the successor or successors to the tract to assume the contract of loan subject to the provisions of paragraph (1) of this section. In case of the cancelation of a lease by the Commission or the surrender of a lease by a lessee, the Commission may, at its option, declare all annual installments upon the loan immediately due and payable or permit the successor or successors to the tract to assume the contract of loan subject to the provisions of paragraph (1) of this section . i "SEC. 216. The Commission may require the borrower to insure, in each am ount as th e Commiss ion may by regulati on prescri be, all livesto ck and dwe llings an d other pe rmanent i mprovement s upon his tract, purchased or constructed out of any moneys loaned from the fund such insurance and add the cost thereof to the amount of annual installments payable under the amortization plan. Whenever the Commission has reason to believe that the borrower has violated any condition enumerated in paragraphs (2), (4), (5), or (6) of section 215 of this title, the Commission shall give due notice and af f or d opportunity for a hearing to the borrower or the successor or suc- cessors to his inte rest in the tract as th e case dema nds. If upon such hearing the Commission finds that the borrower has violated the condition the Commission may declare all annual installments imme- diately due and payable, notwithstanding any provision in the con- tract of loan to th e contrary. The Commission shall have a first lien upon the borrower's or lessee's interest in his tract, growing crops, either on the tract o r in any co llective co ntract or pr ogram, dwel lings, or other permanent improvements thereon, and his livestock, to the amount of all annual installments due and unpaid and of all taxes upon such tract and improvements paid by the Commission, and of all indebtedness of the lessee, the payment of which has been assured by the Commission. Such lien shal l have priority over any other oblig ation for w hich the tr act, said growin g cro ps, d wellin gs, o ther mprovements, or livestock may be security. The Commission may, at such times as it deems advisable, enforce any such lien by declaring the borrower's interest in his tract, or his successor' s interest therein, as the case m ay be, toget her with th e said growing c rops, dwe llings, and other permanent improvements thereon, and the livestock, to be forfeited, the lease in respect to such tract canceled, and shall thereupon order the tract to be vacated and the livestock surrendered within a reasonable time. The right to the use and occupancy of the Hawaiian home lands contained in such tract shall ther eupon reves t in the Co mmiss ion, and th e Com mis- sion may take possession of the tract and the improvements and growing crops thereon : Provided, That the Commission shall pay to the borrower any difference which may be due him after the Use of receipts. Post pon eme nt p er- mitted. Provisions in case of borrower's death, etc. Insurance of prop- erty. Hear ing s on vi ola- tion of conditions. Immediatepayment if proved. Lien on property. Enforcement of lien. Land to revest in Commission. Proviso, Payment of differ- ence to borrower.
 * or in lieu thereof the Commission may directly take out