Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 1318]

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1962]

UNIVERSITY OF I L L I N O I S

1315

public corporation will convey its interest in certain hereinafter described property in Monticello, Illinois, to Foundation; that Foundation will borrow money for the purpose of making improvements to Hott Memorial Center located on said property, and will contract for and make said improvements, in accordance with plans and specifications approved by the Director of the Physical Plant Department of this public corporation; that Foundation will lease said premises, including the building and improvements, to this public corporation at a rental sufficient to pay Foundation's indebtedness incurred in connection with said remodeling; and that Foundation will upon completion of the repayment of said indebtedness from said rentals reconvey said property, including all improvements, to this public corporation; (2) to sign, execute, acknowledge, and deliver to Foundation a good and sufficient warranty deed conveying to Foundation in accordance with the terms of the hereinbefore mentioned agreement this corporation's interest in the property previously referred to, which is legally described as: An undivided one-fourth (\{) interest in Block Ten (10) of Rhoades' First Addition to the Town, now City of Monticello, situated in the County of Piatt in the State of Illinois; (3) to sign, execute, and deliver a lease with and from Foundation of said premises, including said improvements, and including Foundation's leasehold interest in and to the other three-fourths undivided interest in said premises, under which lease this public corporation will agree to pay a rental sufficient to meet all payments required of Foundation on its indebtedness incurred in connection with the remodeling and improvement of said property, said lease to run from the date of the closing of Foundation's loan for the purpose of making said improvements and remodeling to June 30 of the first subsequent odd-numbered year, with the right in this public corporation to renew said lease for successive two-year periods from July 1 of each odd-mtmbered year to June 30 of the next succeeding odd-numbered year by giving written notice to Foundation between the 1st and ISth of July in each year when such renewal is to be made, until said lease is finally terminated by the payment and liquidation of the above mentioned indebtedness; (4) to commit this public corporation to act as agent for Foundation in the carrying out of said remodeling and in the administration and service of such indebtedness and the payments and disbursements from and of funds made available by the creditor of Foundation for the purpose of said remodeling; (5) to accept reconveyance of said property, including all improvements thereon, from Foundation when Foundation's indebtedness has been retired as provided above; and (6) to sign, execute, acknowledge, and deliver any and all other documents and instruments deemed necessary or desirable by said Comptroller and said Secretary to accomplish the purposes herein set forth.

On motion of Mr. Swain, the foregoing resolution was adopted by the following vote: Aye, Mr. Clement, Mr. Dilliard, Mr. Harewood, Mr. Johnston, Mr. Pogue, Mr. Swain, Mrs. Watkins, Mr. Williamson; no, none; absent, Mr. Hughes, Mr. Kerner, Mr. Wilkins.

BEQUEST OF CHARLES P. HOWARD (31) The will of the late Dr. Charles P. Howard of Champaign, who died July 21, 1943, set up a trust with the First National Bank of Chicago for the benefit of his brother, Hartwell C. Howard of Champaign, who received the income from the trust during his lifetime. The will and the trust provide that upon the rteath of Hartwell C. Howard, one-half of the trust estate shall be paid to the Young Men's Christian Association of Champaign and one-half to the Board of Trustees of the University of Illinois to establish the Dr. Hartwell C. Howard Memorial Fund in memory of the testator's father. The University's share is approximately $194,000. This shall be an endowment fund, the income therefrom to be used to aid premedical and predcntal students at the University of Illinois in any way that the Board of Trustees deems proper. In the event the purposes of this trust become obselete or undesirable, the Board of Trustees may use the income for any purpose it sees fit. The Board is not limited by any statute or law regarding investments of this fund. Mr. Hartwell C. Howard died January 2, 1962.