Repository: UIHistories Project: Board of Trustees Minutes - 1904 [PAGE 256]

EXTRACTED TEXT FROM PAGE:

232

UNIVERSITY OF ILLINOIS.

[Sept. 19,

2. That the said party of the first part, for and in consideration of the covenants and agreements hereinafter mentioned to "be kept and performed by the said party of the second part, does agree to sell and convey with warranty deed within thirty days from the date of this instrument all of its real estate situate, lying, and being in the city of Chicago, in the county of Cook, and State of Illinois, known and described as follows, to-wit: Lots eight, nine and ten in the re-subdivision of block four of the assessor's division of the east half of the souteast quarter of section eighteen, in township thirty-nine north, range fourteen east of the third principal meridian; to have and to hold the above described premises with the buildings and appurtenances thereto belonging, forever, subject to such liens for bonds which are hereinafter specially permitted in this instrument, together with the property described in the schedule hereto attached and marked "Schedule A M which schedule bears the signature of Truman W. Brophy, on behalf of the Chicago College of Dental Surgery, and S. W. Shattuck, on behalf of the University of Illinois, for the purposes of identification. 3. And the said party of the second part for and in consideration of the transfer of the aforesaid premises ( by the said party of the first part to the 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 the said party of the first part the sum of two hundred thousand dollars ($200,000); provided, however, that the said second party shall not be required to pay the said sum of two hundred thousand dollars ($200,000) except out of the net earnings of the College of Dentistry, that is, the net earnings that remain after the payment of all other expenses; and in the manner hereinafter specified in the payment of the bonded indebtedness. 4. I t 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 and other effects of the party of the first p a r t hereto, covenanted to be conveyed according to the terms and provisions of this instrument. 5. I t is hereby agreed and understood by and between the parties hereto that the term " n e t e a r n i n g s ' ' used in this instrument shall mean all that sum remaining of the gross earnings of the College of Dentistry for any year after the payment of all current expenses, including all sums named as regular or contingent interest on the bonds described herein, and June 30th of each year is hereby fixed as the end of the financial year when the net earnings shall be determined and payment on bonds shall be made. 6. I t is further agreed by and between the parties hereto that the University of Illinois shall continue to conduct a College of Dentistry, combining its own present School of Dentistry with the college hereby acquired, under the name of the "Chicago College of Dental Surgery, the College of Dentistry of the University of I l l i n o i s ; ' ' and it is further understood and agreed t h a t the Chicago College of Dental Surgery will not further maintain nor conduct a college of dental instruction; and t h a t it will aid by its good will, and will render all its influence, to promote and advance the interests of the College of Dentistry of the University of Illinois. 7. I t is further covenanted and agreed that the net earnings of the College of Dentistry shall annually be applied by the University of Illinois to the payment of the said purchase price, the bonded indebtedness of the College of Dental Surgery, amounting to two hundred thousand dollars ($200,000) till the whole shall be paid; and it is provided that the University of Illinois may at any time pay off the balance of the said sum of two hundred thousand dollars ($200,000) or any part thereof remaining unpaid, out of any funds at its command.