OCR Text |
Show I M. C. II. DEBT IS FORECLOSED JudgcJ Ritehic Signs Decree Ordering Sale of Building if Necessary. FIFlYfplOOO BONDS ARK SECURER BY MORTGAGE Utah Savings & Trust Company lias Lien Approximating $40,472.51. Salt !Lakc City's handsome Young Men's Christian association property at First South and Slate streets will be sold under the hammer unless public-spirited public-spirited citizens of tho city conic to the rescue. Upon application of the Utah Savings Trust company, aa trustee. District Judge Rilchlu Wednesday signed a decree foreclosing mortgages given to secure tho payment of promissory notes executed following the association's bond issue of ?.")0,000 or January 1, 1P0. and ordered the property sold nt sheriffs salo io satisfy the Indebtedness. The decrees of foreclosure, with tho amounts, are lu favor of the following-Utah following-Utah Savings il: Trust company, Jlf.S0 costs and ?20 attorney fees, with 7 per cent annual interest. Utah Savings & Trust company, $10,-102. $10,-102. .11, with fi per cent Interest. Chauncey L Overficld, $3275,03, wllh I) per cent interest. Chauncey P. Overficld. ?7"-42.70. Willi 7 per cent Interest, and ?100 attorney fees. Total. Sol.GfiG.-M. Additional interest will ' Increase this amount considerably. Wo Interest Taid. The title or tho suit is tho Utah Savings Sav-ings & Trust company against the Y. M.- C. A., .En os A. "IVnll. Chauncey P. Overlleld and Walker Rros., bankers, defendants, de-fendants, with W. V. Rice. Charles G. Plummcr, Frank B. Stephens, Edward V. Silver and William II. Tlbbals Interpleaded; Inter-pleaded; The foreclosure judgment was entered by default. Tho fifty bonds of $1000 each issued by tho association in RlOU were payable January 1 this year, with 6 per cent annual an-nual Interest, poyablo scml-aniiuully, January I and Juno 1 or each year.. To secure the bond Issue tho association, Dccomber 21, 1909, executed a mortgago on its properly, persons becoming owners own-ers of the bonds to benefit pro rata. If tho Interest on the bonds remained unpaid un-paid for a longer period than six months at any time tho savings and trust company, com-pany, as trustee, had the right, upon request of the majority of tho bondholders, bond-holders, to foreclose the mortgago and sell the property. The decree finds that no Interest has been paid on forty-four of tho bonds sinco January 1, 1907; on two slnco July 1, 1907. and on the remaining four since July M, 190S. Enos A. Wall, tho owner of forly-slx of tho bonds, December 155. 1908, caused tho principal of tho .bonds lo bo declared de-clared duo and payable In tho manner provided in the deed of trust, but after tho beginning of this action. January 19. 1009. the association paid $20,000 of tho bonds, leaving $40,492 principal and Interest. In-terest. Gives Promissory Note. The association, November 15. 1907, gave Overficld lis promissory note for J12.177.7o, payable In a year, with 65 per cent interest, and to secure the payment pay-ment of the note executed a mortgage. The court found that there Is owing on this noto $U75.g:. Another note, for 57000, was made In favor of Overliold by the association, September 17, 1907, bearing bear-ing 7 per cent Interest, guaranteed by men who now appear as Interpleaders. There is owing on this noto, the court found, $7C42.70, principal and interest. The Utah Savings & Trust company has a valid prior mortgago lien on the property, the decrco sys. to the amount of 40,472.51, with attorney fees, and Overficld has a valid mortgage lien to tho extent of ?3275.D3 and $7542.70, or ,?10,-S1S.23. ,?10,-S1S.23. The decree provides that the purchaser Is entitled to possession on a sheriff's deed. |