Repository: UIHistories Project: Board of Trustees Minutes - 1900 [PAGE 268]

EXTRACTED TEXT FROM PAGE:

248

UNIVERSITY OF ILLINOIS.

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of the second part all those premises lying and being in the City of Chicago, in the County of Cook, in the State of Illinois, known and described as follows, to-wit: Lots Nos. fifteen (15), sixteen (16), seventeen (17), and eighteen (18), in Balestier's Sub-division of Block No. twenty-three (23) in Ashland Second Addition to Chicago, as by a plat of Sub-divisions entitled "Balestier's Subdivision of Blocks eleven (11), part of fourteen (14) > eighteen (18), east half of nineteen (19) and twenty-two (22), and all of twenty-three (23) in Ashland Second Addition to Chicago." The said plat of sub-divisions having been recorded in the recorder's office of Cook County, in the State of Illinois, in Book 166 of Maps, pages 70 and 71, and recorded in the same office in Book 14 of Plats, page 85. To have and to hold the said above described premises with the appurtenances thereunto belonging, together with the property described in the schedule hereto attached, marked "Schedule A , " (which schedule bears the signature of D. A. K. Steele, President of the College of Physicians and Surgeons, and S. W. Shattuck, on behalf of the University of Illinois, for the purpose of identification) unto the said party of the second part, from the first day of May, in the year of Our Lord One Thousand Nine Hundred for and during and until the thirtieth day of April in the year of Our Lord One Thousand Nine Hundred and Twenty-five. 3. And the said party of the second part, for and in consideration of the leasing of the premises aforesaid, by said party of the first part to said party of the second part, and also for and in consideration of the covenants and agreements hereinafter contained, to be kept and performed by the said party of the first part, its successors and assigns, covenants and agrees to pay to said party of the first part, as rent for said premises and property for said period of twenty-five (25) years, the sum of three hundred thousand ($300,000.00) dollars, being an annual rental of twelve thousand ($12,000.00) dollars, to be paid by the said party of the second part to the said party of the first part in semi-annual installments as follows: The sum of six thousand ($6,000.00) dollars at the end of each six (6) months of the term of this lease: Provided, however, that the party of the second part shall not be required to pay said rental to said party of the first part, except out of the net earnings of the School of Medicine, that is, the net earnings that remain after all other expenditures, except the payment of said installments of rental under this lease, and Provided further, that, if this lease under the terms hereof shall not terminate at the end of the twenty-five (25) years, then said rental of twelve thousand ($12,000.00) dollars a year shall continue to be paid in the same way and under the same conditions until said lease shall be terminated under the provisions hereof. 4. It is hereby further covenanted and agreed by and between the parties hereto, that the real estate hereinbefore described and the personal property set forth in Schedule A, comprise all of the real estate, furniture, apparatus, equipment, books, drugs and other effects of the party of the first part hereto, hereby leased and covenanted to be conveyed according to the terms and provisions of this instrument. m 2. And said party of the second part further covenants and agrees to pay (in addition to the rents above specified) all water rents, taxes, and assessments of every kind which may be levied or charged on or against said premises for and during the term for which this lease is in force, and save the premises and the said party of the first part harmless therefrom; and that the said second party will keep said premises in a clean and wholesome condition, in accordance with the ordinances of the City of Chicago and directions of the health officers. Provided that these said charges be paid out of the earnings of the School of Medicine the same as is specified for the payment of rent, in article 3 of this agreement. And it is further agreed that all plumbing, water pipes, gas pipes, and sewerage shall be at the risk of said second party. 6. It is agreed by and between the parties hereto, for the purposes of this instrument, that the value of the real estate, equipments, and good will and property of all kinds hereinbefore described and referred to in Schedule A