Repository: UIHistories Project: Board of Trustees Minutes - 1920 [PAGE 298]

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294

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BOARD OF TRUSTEES

[March 15,

SALE O F S M I T H L A N D S A letter from the Comptroller on the sale of the Smith farms. March 7,1919 President Edmund J. James

M Y DEAR PRESIDENT JAMES:

I beg to submit herewith a report on the sale of the Smith farms as at the present date: Fisher Farm As separately reported by me, the amended contracts for the sale of this farm are as follows: (a) To Curtis E. Underwood, NW-31-22-8, except one acre and railroad right of way, 156.27 acres (as per survey) at $275 per acre $42,974.25 (b) To George E. Jones, S - ^ NE-31-22-8, except railroad right of way, 76.52 acres (as per survey) at $275 per acre 21,043.00 Total $64,017.25

It has not been possible to conclude satisfactory titles for this farm. The necessary bill to quiet title is now ready for filing, but a decree can not be had until May 1st. In consideration of the payment to the University of the amounts as indicated below, I have had proper deeds executed for these farms and delivered in escrow, and have given possession to these parties, they having agreed to pay the balance of the purchase price as soon as a proper abstract of title has been delivered. St. Joseph Farm This farm was sold to Elmer Ehler, and contains 240 acres, at a price of$200 an acre, a total of $48,000.00. It has likewise been impossible to complete a satisfactory title for this farm. The bill to quiet title is in the process of preparation, but a decree can not be had until about the first of May. I have agreed with Mr. Ehler that he should pay, on or before March 15th, the sum of $18,000. A payment of $6,000 was made when the contract was signed. I have further agreed that in consideration of these payments, a warranty deed will be executed and delivered in escrow, and that possession of the farm will be given on or before March 15th, the purchaser agreeing to pay the balance of $24,000 when a merchantable title has been delivered.

It will be seen from the above that the amounts withheld by the different purchasers vary considerably. This is on account of the fact that the purchasers are obliged to secure loans in varying amounts on the farms they are buying. These loans can not be arranged until the titles have been perfected. On this account it has been necessary for me to allow them to withhold the amounts of the loans they are expecting to secure on the respective places.