Repository: UIHistories Project: Board of Trustees Minutes - 1912 [PAGE 561]

EXTRACTED TEXT FROM PAGE:

1911]

PROCEEDINGS OF THE BOARJD OF TRUSTEES.

517

the first part as rent for said premises and property, the sum of sixteen thousand two hundred fifty dollars ($16,250.00) in two equal installments of eight thousand one hundred twenty-five dollars ($8,125.00) on the last day of January and of June, 1912, respectively. 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 aforementioned lease, 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. 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 pay over to the said party of the first part, any balance which may have accrued from the conduct of the school during the term of this lease, provided that all financial obligations incurred by the University of Illinois on behalf of said school shall have been first defrayed from.said income; and Provided further, that the said party of the first part will accept said balance in lieu' of all repairs to said property and equipment, and of replacement of said property and equipment called for by the preceeding paragraph, and in full payment of all other demands of any nature which said party of the first part may have against said party of the second part; and Provided further, that the University of Illinois shall not be obligated to pay any expenses out of said income beyond the sums received during the current academic year from fees of students, and that if any expenditures are made by the University of Illinois beyond the income received from the fees of students, the rent mentioned in section 2 shall be correspondingly diminished. 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 said property, to trie end that said party of the second part may assume the direction and control of the schools of the College'of Physicians aud Surgeons, which said party of the second part agrees to do from the commencement of and during the said term of the said lease. 4. 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 for any other purposes 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.