Repository: UIHistories Project: Board of Trustees Minutes - 1912 [PAGE 562]

EXTRACTED TEXT FROM PAGE:

518

U N I V E R S I T Y OF

ILLINOIS.

[Oct. 31

.: 5. It is also expressly understood and agreed, By and between t h e p a r t i e s aforesaid t h a t if t h e r e n t above specified, or any p a r t thereof, shall be behind o r unpaid for a period of six m o n t h s beyond t h e day of p a y m e n t whereon t h e same ought to be paid as aforesaid, or if default shall be made in any of t h e o t h e r covenants and a g r e e m e n t s h e r e i n contained to be kept by the said p a r t y of t h e second part, it shall be and may be lawful for t h e said p a r t y of t h e first part, its successors and assigns, at its election to declare said t e r m ended, and enter into said premises, or any p a r t thereof, w i t h or w i t h o u t process of law; a n d if a t any t i m e said t e r m shall be ended at such election of said p a r t y of t h e first part, its successors and assigns, as aforesaid, or in any other way, t h e said p a r t y of the second p a r t does hereby covenant and agree to s u r r e n d e r and deliver up the said above described premises and p r o p e r t y peaceably to said p a r t y of t h e first part, its successors and assigns, immediately upon t h e d e t e r m i n a t i o n of said t e r m a s aforesaid. 6. It is further covenanted and agreed, T h a t d u r i n g t h e entire period of t h i s lease the said p a r t y of t h e first p a r t shall keep t h e leased property insured in good and reliable i n s u r a n c e companies, for a m o u n t s in which t h e p r e m i u m s shall not be less t h a n one t h o u s a n d ($1,000.00) per a n n u m . 7.'° It is further covenanted and agreed, T h a t d u r i n g t h e life of this lease or of a n y extensions thereof, t h e p a r t y of t h e second p a r t shall have t h e option of p u r c h a s i n g from t h e p a r t y of t h e first p a r t all t h e real estate herein above described in Schedule " A " ( t h e same constituting t h e plant and equipment of t h e p a r t y of t h e first p a r t ) when, authorized by appropriation of t h e General Assembly of t h e State of Illinois so to do, at a price not exceeding t h e value of t h e plant for a medical school to be determined by a board of a p p r a i s e r s of five members, two of whom shall be selected by the p a r t y of t h e first part, two by t h e p a r t y of t h e second part, and one by t h e a p p r a i s e r s so selected. T h e a p p r a i s e r s shall be sworn to m a k e t r u e appraisement, and they shall appraise separately, ( a ) t h e value of the ground; (b) t h e value of t h e buildings; (c) t h e value of t h e furnishings and equipment. Should t h e p a r t y of t h e second p a r t construct, any i m p r o v e m e n t s of or additions to t h e said p l a n t and equipment, other t h a n o r d i n a r y repairs, which shall have t h e effect of e n h a n c i n g the value thereof, t h e appraisers shall appraise such improvements or additions and determine t h e a m o u n t in value by which t h e entire plant h a s been enhanced thereby, and such a m o u n t when so determined shall be deducted from t h e appraised value of t h e entire p l a n t and equipment, and t h e r e m a i n d e r shall constitute t h e purchase price to be p a i d by t h e p a r t y of t h e second part. 8. It is hereby expressly understood, and agreed, T h a t all contracts and leases heretofore made and now existing between t h e said parties a r e hereby determined and extinguished. I N W I T N E S S WHEREOF, T h e undersigned officers of t h e respective p a r t i e s hereto authorized by resolution of t h e i r board of directors and board of t r u s t e e s respectively, have h e r e u n t o attached t h e i r s i g n a t u r e s as official repr e s e n t a t i v e s of the parties hereto, and t h e corporate seals of t h e said parties, a t t h e city of Chicago, in t h e county of Cook, in t h e State of Illinois, on t h e 17th day of October, 1911.

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

President

WM. ALLEN PTJSEY,

;

Secretary; F o r t h e College of Physicians and Surgeons of Chicago.

W. I*. ABBOTT,

President

[SEAL.] *

of the Board

CM.

of

Trustees;

MCCONN,

Secretary of the Board of Trustees; F o r t h e University of Illinois.

CARLOTTA H E I N T Z L E M A N ,

Notary

[NOTARY'S SEAL.]

Public.