Repository: UIHistories Project: Board of Trustees Minutes - 1900 [PAGE 270]

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250

UNIVERSITY OF ILLINOIS.

[Feb. 9r

Physicians and Surgeons remaining unpaid, either out of the Medical College Purchase and Endowment Fund, or out of any other moneys at its command, upon the condition that said University of Illinois shall at least a year prior to the expiration of said term of twenty-five (25) years, notify said College of Physicians and Surgeons of its election to pay said purchase price in full, and upon the condition that said option and election shall be exercised at that time, that is, at the time when said period of twenty-five (25) years shall have expired and upon such payment at said time by said University of Illinois the deeds to said properties of the College of Physicians and Surgeons bearing even date herewith and held in escrow by the Secretary of State of the State of Illinois, shall be delivered to said University of Illinois. It is further provided that on the same date as that of the execution of this agreement a deed 6f the property of the College of Physicians and Surgeons, with all its equipments and good will, shall be duly executed by said College of Physicians and Surgeons conveying the same to the University of Illinois r subject only to its present mortgage indebtedness, said deed to be held in escrew, by the Secretary of State of the State of Illinois, until such time as the University of Illinois shall have paid the full purchase price of the property herein provided to be sold, upon the completion of which payment such deed shall be delivered to the Trustees of the University of Illinois. It is, however, further agreed by and between the parties hereto, that the University of Illinois shall pay out of the said Medical College Purchase and Endowment Fund from year to year as it is earned, the mortgage indebtedness of the College of Physicians and Surgeons now existing until the same shall have been fully discharged, and interest on the amount of said payments shall be allowed to the party of the second part at the rate of four (4) per cent, per annum, and shall be paid by the party of the first part to the party of the second part annually in cash, and the party of the second part will add such payments of interest to the said Medical College Purchase and Endowment Fund. Said mortgage indebtedness is fully set forth in Schedule B hereto attached (which said Schedule B 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.) It is further agreed by and between the parties hereto, that no other or further indebtedness shall be incurred by the party of the first part without the written consent of the party of the second part. 11. It is further agreed by and between the parties hereto that the Medical College Purchase and Endowment Fund of the University of Illinois shall be held inviolable and applied only as herein provided, and at the close of the lease herein entered into, on the first day of May in the year of Our Lord One Thousand Nine Hundred and Twenty-five, be applied to the payment of the purchase price of the property of the College of Physicians and Surgeons herein leased, and the surplus, if any, shall be expended as may be necessary in the purchase of further grounds, buildings, and equipments for the College of Medicine of the University: Provided, that, if on the date of May first, 1925t there are not sufficient funds in the said Medical College Purchase and Endowment Fund to pay for such purchase then said lease shall be extended from year to year and the day for the purchase of said property of the College of Physicians and Surgeons and for the payment for the same shall be deferred till the thirtieth day of April next after the said fund shall have increased so as to be equal to the said amount: And, provided further, if the purchase price of two hundred and seventeen thousand ($217,000) dollars agreed upon shall have been increased in accordance with and in consequence of the provisions herein providing for the increase of said purchase price then the payment provided for herein shall be made and the transfer of said property be made, and the delivery of the deed held in escrow shall be made to the Trustees of the University of Illinois, when the sum in said Medical College Purchase and Endowment Fund shall be equal to the purchase price increased as herein provided for and paid over to the College of Physicians and Surgeons, unless said purchase price shall be paid in full upon the expiration of the term herein demised, and it is further understood and agreed that on the payment of the purchase price herein stated the College of Physicians and Surgeons shall