Repository: UIHistories Project: Board of Trustees Minutes - 1912 [PAGE 48]

EXTRACTED TEXT FROM PAGE:

4

UNIVERSITY OF ILLINOIS.

•

[Sept. 20

the first pcrc, as rent for said premises and property, the sum of nineteen thousand five hundred dollars ($19,500.00) in two equal senii-annual installments of nine thousand seven hundred and fifty dollars ($9,750.00) each, on the last day of February and of August, 1911, respectively. 3. It is hereby further covenanted and agreed, That the real estate hereinbefore described and the personal property set forth in Schedule A, comprise all the real estate, furniture, apparatus, books, equipment, drugs, and other effects of the party of the first part; and that the purpose of the leasing of the said real and personal property is to give the party of the second part full control of all of said property, to the end that said party of the second part may assume the direction and control of the schools of the College of Physicians and Surgeons, which said party of the second part hereby agrees to do from the commencement of and during the said term of the said lease. 4. And the said party of the second part further covenants with the said party of the first part that at the expiration.of the term of this lease mentioned, or the sooner determination thereof by forfeiture or otherwise, the said party of the second part will yield up the said premises and appurtenances to the said party of the first part in as good condition as when the same were entered by the said party of the second part, loss by fire or inevitable accident, the act of God or the public enemy, ordinary use and wear alone excepted; and that, at the determination of this lease as aforesaid, said party of-the second part will surrender to the said party of the first part the property and equipment mentioned in said Schedule A in all respects as the same are received by the said party of the second part at the beginning of the said term, ordinary use and wear alone* excepted, said party of the second part being required to replace in kind and amount all of said property described in Schedule A consumed by use during said term. It is further agreed that at any time that this lease is ended either by its expiration or forfeiture, the party of the second part will return the schools to the party of. the first part. 5. It is further mutually covenanted and agreed, That this lease shall not nor shall any interest therein be assignable by said party of the second part, and also that said premises, appurtenances, and property shall be used during the term of this lease.for the purpose of conducting and the carrying on upon said premises a College of Medicine and Surgery, and any other department of education which the party of the second part may desire to establish therein, and for no other use or purpose whatsoever; and should said party of the second part assign said lease or sublet said premises or appurtenances, or use said premises or appurtenances for any other purpose than those hereinbefore designated, such assignment or subletting or diversion of use shall, at the option of the party of the first part, be absolutely null and void, and the term of this lease shall thereupon, at the option of the party of the first part, cease and be determined. The said party of the second part further agrees that during and throughout the term of this lease it will continue to use the name of the College of Physicians and Surgeons in connection with the name of the University of Illinois, in designation of said college. 6. It is also expressly understood and agreed, By and between the parties aforesaid that if the rent above specified, or any part thereof, shall be behind or unpaid for a period of six months beyond the day of payment whereon the same ought to be paid as aforesaid, or if default shall be made in any of the other covenants and agreements herein contained to be kept by the said party of the second part, it shall and may be lawful for the said party of the first part, its successors, and assigns, at its election, to declare said term ended, and enter into said premises, or any part thereof, with or without process of law; and if at any time said term shall be ended at such election of said party of the first part, its successors and assigns, as aforesaid, or in any other way, the said party of the second part does hereby covenant and agree to surrender and deliver up the said above described