Repository: UIHistories Project: Board of Trustees Minutes - 1912 [PAGE 49]

EXTRACTED TEXT FROM PAGE:

1910]

_ PROCEEDINGS OE THE BOARD OE TRUSTEES..

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premises and property and schools peaceably to said party of the first part, its successors and assigns, immediately upon the determination of said term as aforesaid. 7. It is further covenanted and agreed, That the said party of the second part shall have the option of renewing this lease for a period of two years immediately succeeding the first day of September, 1911, on delivering to the party of the first part written notice of its intention so to renew, at least sixty days before said first day of September, 1911; and in case of such renewal said party of the second part shall also have the option of once more renewing this lease for a period of two years immediately succeeding the first day of September, 1913, on delivering to the party of the first part written notice of its intention so to renew at least sixty days, before the first day of September, 1913. Should any such extension be granted as provided, then the party of the second part shall pay all taxes that may be levied on the property hereby leased during the entire period of such extension or extensions. During the entire period of this lease and of any renewals thereof, the said party of the first part shall keep the leased property insured in good and reliable insurance companies for amounts in which the premiums shall be not less than one thousand dollars ($1,000.00) per year. 8. It is further covenanted and agreed, That during the life of this lease or of any extensions thereof, the party of the second part shall have the option of purchasing from the party of the first part a i r the real estate hereinabove described and all the personal property described in Schedule A (the.same constituting the plant and equipment of the party of the first part) when authorized by appropriation of the General Assembly of the State of Illinois so to do, at a price not exceeding the value of the plant for a medical school to be determined by a board of appraisers of five members, two of whom shall be selected by the party of the first part, two by the party of the second part, and one by the appraisers so selected. The appraisers shall be sworn to make true appraisement, and they shall appraise separately, (a) the value of the grounds, (b) the value of the buildings, (c) the value of the furnishings and equipment. Should the party of the second part construct any improvements of or additions to the said plant and equipment, other than ordinary repairs, which shall have the effect of enhancing the value thereof, the appraisers shall appraise such improvements or additions and determine the amount in value by which the entire plant has been enhanced thereby, and such amount when so determined shall be deducted from the appraised value of the entire plant and equipment, and the remainder shall constitute the purchase price to be paid by the party of the second part. 9. It is hereby expressly understood and agreed, That all contracts and leases heretofore made and now existing between the said parties are hereby determined and extinguished. In witness whereof, The undersigned officers of the respective parties hereto, authorized by resolution of their board of directors and board *of trustees respectively, have hereunto attached their signatures as.official representatives of the parties hereto, and the corporate seals of the said parties, at the city of Chicago, in the county of Cook, in the State of Illinois, on the 12th day of August, 1910.

D. A. K, [SEAL.] STEELE,

President;

WILLIAM ALLEN PUSEY, •

Secretary; For the College of Physicians and Surgeons.

W. L. ABBOTT,

President of Board of

[SEAL.] W . L . PlLLSBURY,

Trustees;

Secretary of- Board of Trustees; . For the University of Illinois.

SAMUEL F. TUCKERMAN,

Notary Public.