Repository: UIHistories Project: Board of Trustees Minutes - 1926 [PAGE 506]

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1926]

UNIVERSITY O F ILLINOIS

S03

contract, and to show merchantable title in M r . Hessel except as to one strip of about one-fifth of an acre. At this meeting on January 2, which was settlement date under the contract, Mr. Hessel through his attorney tendered his deeds called for under the contract, together with the receipt of the City Collector of Champaign County, Illinois, showing payment in full of all special assessments against the property. Settlement with M r . Hessel was thereupon had as follows: The deeds from M r . Hessel, together with the receipt for the payment of special assessments, were delivered to the representatives of The Board of Trustees, and voucher was delivered to Mr. Hessel's attorney, payable to Mr. Hessel individually, in the sum of One Hundred Twenty-five Thousand Five Hundred ($125,500) Dollars, leaving a balance unpaid of the purchase price under the agreement of Fifteen Hundred Dollars. This $1500 to be paid to Mr. Hessel as soon as the defect in his title above herein referred to was corrected; Mr. Hessel's attorney being of the opinion that this defect could be corrected within the course of two or three weeks. Under the contract with Mr. Hessel the purchase price was to bear interest at the rate of five percent per annum from and after January 2, 1926, if not paid on that date. Therefore, under this settlement The Board is obligated to pay interest only on the $1500 of the purchase price which is withheld until such time as Mr. Hessel makes the correction on the title above noted. Mr. Hessel at this time also delivered receipts acknowledging payment to him by The Board of the said sum of $125,500. The deeds executed by M r . Hessel conveying the premises to The Board of Trustees were recorded immediately. As soon as the correction on the title has been made and the transaction completely closed, we will be pleased to make a full and complete report of the entire transaction. Very respectfully, Green & Palmer By William G. Palmer

COMPTROLLER'S REPORT ON RECEIPT OF DEED FOR HESSEL LAND

January 5, 1926 President David Kinley, University of Illinois M y dear President Kinley: I beg to advise you that on Saturday, January 2nd, a partial, settlement was made on the contract for the purchase of land from J. F. Hessel at the Citizens State Bank, Champaign. The persons present were Mr. H. I. Green, M r . W . G. Palmer, Mr. A. M . Burke, Mr. C. D. Thomas (representing Mr. Hessel), Professor J. M . White, M r . H. E. Cunningham, and myself. M r . Thomas presented deeds for the land to be purchased which were approved by our attorneys. In accordance with their instructions, I delivered to M r . Thomas, who presented authority from M r . Hessel to accept payment for the latter, a University warrant for $125,500 in exchange for the deeds. The balance of $1,500 of the purchase price is being withheld pending the completion of the abstract to the satisfaction of our attorneys. Upon their advice, it is m y intention to pay this balance to Mr. Hessel. The deeds received have been filed for record. A receipt was presented by Mr. Thomas showing the payment of all special assessments against the property in full. The only remaining encumbrance consists of the general taxes for 1925, estimated at $250, which are payable by Mr. Hessel and cannot be paid until March. Very truly yours, Lloyd Morey Comptroller T h i s report w a s received for record.