[act And Amendments Creating the Philippine National Bank]

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The due date of said mortgages shall not be less than one year from the date thereof, nor more than thirty years. The said mortgages may, by their terms, be made payable at one time or in installments : Provided, That when the due date of the mortgage is more than five years after the date of its execution, the principal and interest of the loan shall be made payable by its terms in equal install- ments of not more than one year each. Loans made by the National Bank on real estate security shal...l be made for the purpose of promoting agriculture. Applications for such loans shall be in writing and under oath. The said applica- tions shall contain, among other things : (a) A detailed description of the real estate; (ft) An appraisal thereof at its reasonable market value; (c) A full statement of the purposes for which the loan is desired.
It shall be unlawful to use the proceeds of said loan, or any part thereof, for any purpose or purposes except the purpose or purposes set out in said application.


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