| |
| |
Caption: Board of Trustees Minutes - 1936
This is a reduced-resolution page image for fast online browsing.
EXTRACTED TEXT FROM PAGE:
i93 6 l UNIVERSITY OF ILLINOIS 615 (1) Pledge all or any part of its gross or net rents, fees or revenues (to which its right then exists or may thereafter come into existence) from the Site and the Project; (2) Assign any of its leases or contracts relating to the Site and the Project; (3) Confer upon the bondholders' trustee the power, in case of a default under the bonds or the indenture securing same: to enforce the payment of all sums due under such leases and to compel the performance of any covenants or conditions therein; to take possession, use, operate, manage and control the Site and the Project and collect the rents, issues and profits thereof; to lease, use or operate the Project for any purposes whatsoever and not merely those for which the Foundation itself, as trustee under said Trust Agreement, may lease, use or operate same; provided, however, that in no event shall any bondholders' trustee or any holders of bonds of the Foundation have the right or power to forfeit or obtain title to the Site or the Project through foreclosure proceedings or otherwise; (e) To execute other instruments and contracts and do other things; all as more fully provided in said Trust Agreement, an original counterpart of which is on file in the office of the Foundation in Champaign, Illinois. The Medical and Dental College Building Trust created by the Trust Agreement is to continue, as therein provided, for a period of twenty-one years and thereafter until all the liabilities of the Foundation, as trustee thereunder, have been met and its bonds (if any have been issued) have been paid in full or such liabilities and bonds have otherwise been discharged. Upon the expiration of said trust, title to the Site shall revert to the Board of Trustees of the University of Illinois, together with the Project and any other improvements constructed upon the Site. In witness whereof the grantor aforesaid has hereunto set its hand and seal this 7th day of April, 1936. T H E BOARD O F T R U S T E E S O F T H E UNIVERSITY OF ILLINOIS By O. M. KARRAKER President [SEAL] Attest: H . E. CUNNINGHAM Secretary State of Illinois 1 County of Champaign / I, Anna L. Neuber, a Notary Public in and for said County, in the State aforesaid, do hereby certify that O. M. Karraker and Harrison E. Cunningham, President and Secretary respectively of the Board of Trustees of the University of Illinois, personally known to me to be the same persons whose names are subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that they signed, sealed and delivered the said instrument as their free and voluntary act and as the free and voluntary act of the said Board of Trustees of the University of Illinois, as grantor, on April 7, 1936, for the uses and purposes therein set forth, and the said Harrison E. Cunningham did also then and there acknowledge that he, as Custodian of the corporate seal of said Board of Trustees of the University of Illinois did affix the said corporate seal of said corporation to said instrument as his own free and voluntary act, and as the free and voluntary act of said corporation for the uses and purposes therein set forth. Given under my hand and notarial seal this 7th day of April, 1936. A N N A L. NEUBER My commission expires Feb. n, 1939. [NOTARIAL S E A L ] Notary Public
| |
