Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 854]

EXTRACTED TEXT FROM PAGE:

1936]

UNIVERSITY OF ILLINOIS

8SI

provided for) at the place and in the manner herein specified, without delay, and without set-off or counterclaim or other diminution whatsoever, and the Lessee hereby expressly waives all rights of, and covenants with the Lessor, its successors and assigns that it will not at any time plead or set up or otherwise assert or claim any right of set-off or counterclaim or other diminution which it may, or might otherwise, at any time have, in respect of such Rent. T H I R D : T h e Lessee will, at its own proper cost and expense: (1) P a y to whoever may be entitled thereto, within thirty days after the same shall become payable, all costs of maintenance, operation and repair of the demised premises or the improvements or fixtures thereon, including (but without limitation) insurance, taxes, recording fees, assessments, water rents and charges, extraordinary as well as ordinary, of every kind and nature whatsoever, and including the cost of all repairs to and changes in or additions to the demised premises or the improvements or fixtures thereon, whether such repairs, changes or additions be structural or otherwise, as same shall become due or payable during the life of this lease; and (2) P a y to the Lessor from time to time, upon demand, all sums advanced by the Lessor for the purpose of performing any obligations of the Lessee hereunder, including without limiting the generality of the foregoing, the procural or renewal of any policy of insurance, the payment of costs of maintenance, operation and repair of the demised premises or the improvements or fixtures thereon, the discharge of taxes, assessments, water rents and charges, or any other charges levied, imposed or assessed upon the demised premises or any part thereof, or the removal of any mechanic's or other liens or encumbrances (other than the T r u s t Indenture and the Bonds secured thereby) upon the demised premises or any part thereof; (3) Fully and promptly perform all obligations, covenants and conditions herein provided to be kept and performed by the Lessee; it being the intention of the parties hereto that the Rent of $86,000 annually which is herein reserved shall be received and enjoyed by the Lessor as a net sum, and that the Lessee shall pay any and all charges against or which might diminish said sums in such manner that all of said Rent (without diminution thereof for any reason whatsoever) may be received and enjoyed by the Lessor and applied by it to the payment of the principal and interest on, and the purchase or redemption of, the Bonds and (after said Bonds, the interest coupons appertaining thereto, and all sums payable under the Indenture have been paid) to the other purposes of the Medical and Dental College Building Trust. F O U R T H : T h e Lessee has entered into a contract or undertaking with the United States of America in connection with a grant, advance and contract for the erection of a building or buildings under House Joint Resolution 117, said contract or undertaking being the Trust Agreement, dated April 7, 1936, between the Lessee, the Lessor and the United States of America, creating the Medical and Dental College Building Trust. Under the terms of said Trust Agreement, the Lessee has agreed with the United States of America that if it leases the Medical and Dental College Building at any time, it will pledge and use for the payment of its rentals or the performance of its obligations under such lease, its own receipts and collections which it is authorized by Senate Bill No. 542, approved July 11, 1935, to retain in its own treasury for the performance of any contract or undertaking with the United States in connection with any grant, advance, loan or contract for the erection of a building or buildings under said House Joint Resolution 117. Pursuant to said contract and undertaking with the United States of America, the Lessee hereby covenants and agrees that the receipts and collections which the Lessee is authorized by said Senate Bill No. 542 to retain in its own treasury for the performance of certain contracts or undertakings with the United States shall be paid forthwith into a Special Fund in its treasury designated the "Medical and Dental College Building Fund" (herein called the "Special F u n d " ) . T h e Lessee hereby irrevocably pledges said Special Fund for