Repository: UIHistories Project: Board of Trustees Minutes - 1904 [PAGE 258]

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234

UNIVERSITY OF ILLINOIS

[Sept. 19,

ence to the " p r e f e r r e d " bonds, provided, that until the maturity of the first mortgage bonds the net earnings of the Dental College shall be held by the Treasurer of the University of Illinois and then applied upon the payment of the said first mortgage bonds when they mature, together with all interest which may accrue on the said net earnings while in the hands of the Traesurer. 12 I t is further agreed by and between the parties hereto that the University of Illinois shall authorize and permit the Chicago College of Dental Surgery to issue bonds running from one to ten years and at five per cent interest and to secure the same by a lien against the real estate described in this instrument, to an equal amount of and for the full satisfaction of all that remain of the said first mortgage bonds when they severally shall become due; and the Chicago College of Dental Surgery shall provide in the way aforesaid for the payment at maturity of all the said first mortgage bonds which remain unsatisfied and not paid by the University of Illinois from the net earnings of the College of Dentistry as heretofore provided. 13. I t is further agreed by and between the parties hereto t h a t the University of Illinois is hereby in no wise financially obligated by the terms and provisions; of this agreement beyond the net earnings of the College of Dentistry; and the Chicago College of Dental Surgery binds itself to guard the University of Illinois from all such loss or liability resulting from this agreement. 14. I t is further agreed by and between the parties hereto, that until the total* amount of $200,000.00 has been paid by the University of Illinois according to the terms and in the manner stated in this agreement that the University of Illinois shall not, without the consent of the Chicago College of Dentai Surgery increase salaries in the said College, reduce fees, nor in general adopt a policy ~ that will lessen the amount of annual net earnings for the College of Dentistry. 15. I t is further provided that should the University of Illinois and the Chicago College of Dental Surgery agree in order to properly provide for the College of Dentistry to rent other buildings for the use of the College of Dentistry and occupy other property in addition to that described herein, the cost of rentals, heating, lighting, power, and the additional operating expenses incurred in the use of said property shall be considered a p a r t of the necessary expense of the College and be paid from the gross earnings of the same. 16. I t is furthr agreed that the new College of Dentistry will lease and occupy certain parts of the premises known as 813 West Harrison street in the City of Chicago, leased by the College of Physicians and Surgeons of the University of Illinois for the period of twenty-five years by an instrument in writing dated February 9, 1900. Such lease and occupancy shall continue through the remaining time during which said lease has to run or until May 1, 1925. The parts of said building to be so occupied are the parts now occupied by the School of Dentistry of the University of Illinois, and not now used by the Department of Anatomy of the College of Physicians and Surgeons; and in addition thereto the room now used for lockers on the fifth floor of the Laboratory addition. The terms and conditions of such occupancy, which have been approved by the Board of Directors of the College of Physicians and Surgeons are as follows, to-wit: (a) The University of Illinois for and on behalf of the College of Dentistry shall account to the College of Physicians and Surgeons for rent of said premises at the rate of six thousand dollars ($6,000) per year, but this rental shall be a p a r t of and not in excess of the rent of the building agreed to be paid by the University of Illinois to the College of Physicians and Surgeons, under the lease of February 9, 1900. (b) Any change in the building made for the uses of the College of Dentistry shall be paid for by the College of Dentistry, and made only upon the written consent of the College of Physicians and Surgeons, (c) The building shall be kept in good general repair and tenantable condition by the College of Medicine, but any repairs which may become necessary in the parts occupied by the College of Dentistry by reason of ordinary wear, breakage by students, or otherwise, shall be borne by the College of Dentistry, but the liability of the College of Dentistry in this connection shall not extend to loss or damage by fire, or any other loss or damage