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Caption: Board of Trustees Minutes - 1920
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492 BOARD OF TRUSTEES [July 12, The party of the second part is released from any obligation to further restore the premises. The party of the second part reserves the privilege of removing the bath room fixtures on the first floor, and the shower bath in the basement. The hot water heater in the basement is to become the property of the party of the first part. On motion of Mrs. Busey, this recommendation was adopted. NEW LEASE W I T H T H E Y. M. C. A. (8) A new lease for the Y. M. C. A. Building for the year beginning July 1, 1919. AGREEMENT THIS AGREEMENT, Made and entered into this 1st day of July, 1919, between the Board of Directors of the Young Men's Christian Association of the University of Illinois, party of the first part, and the Board of Trustees of the University of Illinois, party of the second part, WITNESSETH: 1. The said party of the first part for and in consideration of the undertaking of the party of the second part, hereinafter mentioned, hereby agrees to and by these presents does lease to the party of the second part the South-east Quarter (S. E. %) of Block Twelve (12), J. S. Wright addition of the city of Champaign, Champaign County, Illinois, and all buildings and improvements thereon situated and owned by the party of the first part, including what is known as the Young Men's Christian Association building, together with all furniture, fixtures, and equipment now in use in said building, for a period of one year from the 1st of July, 1919, to the 30th of June, 1920. 2. The party of the second part hereby agrees to pay to the party of the first part, as rental for the above mentioned property, the sum of five thousand dollars ($5,000.00), to be paid in twelve monthly payments of four hundred sixteen dollars and sixty-six cents ($416.66), payable on the first day of each month hereafter. 3. It is understood and agreed between the said parties, that a*fter the payment of the above rental of five thousand dollars ($5,000.00), and all operating expenses and expenditures for repair and up-keep of the building and equipment, the net proceeds or income received by the party of the second part shall be shared equally between the parties to this instrument. 4. It is understood that the party of the second part shall keep a strict account of all outlays made by it during the year for expenditures, repairs, and up-keep mentioned in paragraph 3, and submit the same to the party of the first part on or before the day of , 1920. 5. It is understood and agreed that the party of the first part, upon the termination of this lease, will purchase any additional furniture and equipment to be used in said Y. M. C. A. buildings (not including towels and linen), at the cost price less a depreciation of 10%; provided, that the original purchase of such furniture and equipment shall be first approved by the party of the first part or its legal representative. IN WITNESS WHEREOF, The undersigned officers of the respective parties hereto have hereunto attached their signatures as official repre-
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