Repository: UIHistories Project: Board of Trustees Minutes - 1924 [PAGE 153]

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BOARD OF TRUSTEES

[ M a r c h 13,

(11), and thence North along the Section line to the place of beginning, containing 101 acres, more or less; and also Beginning at the Northwest corner of the Northwest Quarter of Section Twelve (12), in Township Twenty-three (23) North, Range Fourteen (14) West of the Second Principal Meridan, in Vermilion County, Illinois, and running thence East to the Northeast corner of said Northwest Quarter of said Section Twelve (12), thence South along the half section line 21.07 chains, thence West 26.82 chains, thence North 85 feet, thence West 670 feet, thence North 140 feet, thence West to the West line of said Northwest Quarter of said Section Twelve (12), and thence North to the Place of beginning, containing 85 acres, more or less, save and except all legal highways.

CARTER-PENNELL TRUST FARM NO. 2:

Being the Southwest Quarter (^») of Section Twenty-five (25), in Township Twenty-three (23) North, Range Fourteen (14) West of the Second Principal Meridan, in Vermilion County, Illinois, all situated in the County of Vermilion, in the State of Illinois, hereby releasing and waiving all rights under and by virtue of the Homestead Exemption Laws of this State.

INDUCEMENTS FOR TRUST.

The principal consideration and the leading motive for the creation of this Trust by the conveyance of the real estate, hereinabove described, said Grantors declare to be founded on the following facts, to-wit: I. Said Grantors, having now lived happily together for more than half a century, and still hoping to be spared to enjoy the pleasure of each other's company for m a n y more years, are moved, after much thought and mutual counsel, to make this disposition of a part of their joint property while they are both in good health and able, personally, to direct and watch over with heartfelt satisfaction, the creation and operation of this Trust: II. B y Economy and Industry, said Grantors have gathered together this said Trust Property and enough other property to provide for theirr own material needs during their declining years, all of which property is free and clear of any liens or inincumbrances, and they may, therefore, without suffering financial hardship, dedicate to the use of others this Trust Property, which both said Grantors have helped to accumulate and now own jointly: III. Although there has been pleasure in getting this property, for the satisfaction and feeling that they were not likely to come to want, said Grantors, who have no child, and who have devoted their lives to other things than to mere money making and whose purest pleasures in life have come to them through their education, and to w h o m intellectual joys have been most satisfying, want to leave this Trust Property so that it shall be of benefit to the young manhood and young womanhood who are to follow them in this great State of Illinois: IV. As the University of Illinois seems to them to be an ideal institution for the training of young men and young women for lives of future usefulness to themselves and to mankind, said Grantors wish to give the real estate, hereinabove described, to said University of Illinois, and to put the net income of said Trust Property forever under the control of said Board of Trustees of said University of Illinois, and their successors in office, as Trustees, for the uses and purposes herein set forth:

DECLARATIONS OF TRUST.

The real estate hereinabove described is conveyed in fee simple by said Grantors to said Grantees, hereinabove named, to have and to hold, in trust, in perpetuity, for the following educational uses and purposes, as specified and declared by the aforesaid Grantors, to-wit: 1. Because William A. Pennell, the father of said Grantor, Jane P. Carter, and a very warm and highly esteemed friend and companion of said Grantor, Joseph Carter, was one of thefirstm e n in this State to advocate, and to work earnestly for, of the Trust, by the University Educational said Grantors lines that are now characteristic herein created, shallof Illinois, Institution, upondeclarewhich the name the founding of the State of an be "The Carter-Pennell Trust";