Repository: UIHistories Project: Board of Trustees Minutes - 1916 [PAGE 848]

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848

UNIVERSITY o r ILLIXOIS.

[Oct.- 14,

The plans for this building were approved at the meeting of the Executive Committee held September 23, 1915 [pige 828]. At the same meeting the Executive Committee selected a site south of the present driveway in front and east»of the Horse Barns, on the south Campus, the exact location to be selected by the Supervising Architect, subject to the approval of the President of the University. The proposed site is a good one and I therefore approve it.

This report was received for record.

EXTENSION OF MORTGAGE A N D NOTE.

(4) A statement concerning the extension of the note for fifty-six thousand dollars held-by the board of education of the city of Chicago from the College of Physicians and Surgeons, and secured by a mortgage upon the medical property of the University of Illinois in the city of Chicago. The balance of fifty-six thousand dollars upon this note falls due on July 1, 1916. As the Trustees will have no money which can be conveniently used for paying this note at that time, I recommend that it be extended for the period of five years, namely to July 1, 1921, at which time certain bonds also secured by mortgage upon the College of Medicine property fall due. I recommend that the Board of Trustees of the University of Illinois accept the proposition of the board of education of the city of Chicago, as stated in the following agreement, and that the President and Secretary of the board be authorized to append their signatures to the same on behalf of the Trustees of the University of Illinois: AGREEMENT. "WHEREAS, On July 1, in the year of our Lord, one thousand nine hundred and one (A. D. 1901), The College of Physicians and Surgeons of Chicago, a corporation organized and doing business under the laws of the State of Illinois, of the city of Chicago, county of Cook and State of Illinois, being indebted to the board of education of the city of Chicago in the sum of eighty-six thousand dollars ($86,000) for part of the purchase money for trie premises hereinafter described, as evidence of its said indebtedness executed its promissory note, bearing date July 1, A. D. 1901, payable to the order of the board of Education of the city of Chicago, and due five (5) years after its date, with interest at the rate of five (5) per cent per •annum, payable semi-annually, to wit, on the first day of January and July in each year, the several installments of interest being evidenced by ten (10) interest notes," dated July 1, A. D. 1901, all of said principal and interest notes being without grace and bearing interest after maturity at the highest rate which it was then lawful to contract for, and all of said principal and interest payments being made payable in gold coin of the United States, of the present standard of weight and fineness, all at the office of the said board of education of the city of Chicago, in the city of Chicago, 111. AND To secure the payment of said notes, the said the college of physicians and surgeons of Chicago executed a certain purchase money trust deed, of even date with said notes, to wit, July 1, A. D. 1901, under and by virtue of which it, the said the college of physicians and surgeons of Chicago, conveyed to Lewis E. Larson of the city of Chicago, county of Cook and State of Illinois, as trustee, the following described property situated in the city of Chicago, county of Cook and State of Illinois, to wit: Lots one (ID to seven (7), inclusive, in block twenty-three (23) ; also, sublots one (1) to seven (7), inclusive, of lots nineteen (19) to twenty-five (25), inclusive, in block twenty-three (23) ; and the vacated alley running north and south through said block twenty-three (23), in Ashland Second Addition to Chicago, in the west half of the northeast quarter of section eighteen (18), township thirtynine (39), north, range fourteen (14), east of the Third Principal Meridian, together with all and singular the tenements, hereditaments and appurtenances thereunto belonging or appetraining, and the rents, issues and profits thereof; and all gas and electric light fixtures, engines, boilers, furnaces, ranges, heating apparatus, and.all fixtures in, or that shall be placed in, any building now or hereafter standing on said land; and also, all the estate, right, title and interest of the said party of the first part of, in and to said premises. SAID trust deed was recorded in the recorder's office of Cook County, Illinois, on the first day of July, A. D. 1901, at two o'clock p. m., in book 7185 of records, a t page 517, as Document No. 3121149 ; and . WHEREAS, The said principal note became due and payable, according to its tenor and effect, on the 1st day of July, A. D. 1906 ; and WHEREAS, At the request of the college of physicians and surgeons of Chicago, the said board of .education of the city of Chicago, by agreement duly executed June 20, A. D. 1906, duly extended the time of payment of said note until July 1, A. D. 1911; and WHEREAS, The said promissory note and the extension thereof duly became due, according to the tenor and effect of said promissory note and extension, on, to wit, the 1st day of July, A. D. 1911, and the said the college of physicians and surgeons of Chicago having requested the board of education of the city of Chicago to make a further extension-of time of payment of said principal note for a period of five (5) years, said board of education of the city of Chicago at its regular meeting held on, to wit, June 28, A. D. 1911, agreed to extend the said time of payment for a period of five (5) years from July 1, A .D. 1911, and by its written agreement with said the college of physicians and surgeons of Chicago, dated July 19, A. D. 1911, did extend said time until July 1, A. D. 1916, upon the •conditions, promises and agreements contained and specified in said written agreement : and WHEREAS, The Board of Trustees of the University of Illinois, a corporation organized and existing under the laws of Illinois, having acquired title to said premises above described, through conveyance from the college of physicians and