Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 812]

EXTRACTED TEXT FROM PAGE:

i936l

UNIVERSITY OF ILLINOIS

809

AND WHEREAS, all acts, conditions and things required by the Trust Agreement and by law to happen, exist and be performed precedent to and in the issuance of the Bonds secured hereby and the execution and delivery of said Indenture in order to make said Bonds, when executed as hereinabove provided and authenticated by the Trustee, the valid, binding and legal obligations of the Foundation (not personally but as Trustee as aforesaid) in accordance with their terms, and to make this Indenture a valid, binding and legal instrument in accordance with its terms, have happened, exist and have been performed as so required; AND WHEREAS, the Trustee has duly accepted the trust created by this Indenture by joining in the execution hereof; NOW, THEREFORE, T H I S INDENTURE WITNESSETH: That in order to secure the payment of the principal and interest and premium, if any, of all Bonds issued under this Indenture according to their tenor and effect, irrespective of their time of issue, and the performance and observance of all the covenants and conditions therein and herein contained, and to declare the terms and conditions upon which the said Bonds are to be issued, delivered, received and held, and in consideration of the purchase or acceptance of said Bonds by the holders thereof and of the sum of Ten Dollars ($10) to it in hand paid by the Trustee at or before the execution and delivery hereof, receipt of which is hereby duly acknowledged and for other good and valuable considerations, the Foundation has executed and delivered this Indenture and has pledged, assigned, transferred, hypothecated, warranted and set over, and by these presents does pledge, assign, transfer, hypothecate, warrant, and set over, unto the said Trustee, and its successors and assigns in trust forever, the following described leases, contracts and rights in property. I All the right, title and interest which the Foundation now has or may hereafter acquire in and to that lease (an original counterpart of which is on file at the office of the Trustee and a copy of which is attached hereto as Exhibit I) dated July I, 1936, from the University of Illinois Foundation, not personally, but as trustee under the said Trust Agreement, as Lessor, to The Board of Trustees of the University of Illinois, as Lessee, for the term of one year commencing January I, 1937, with an option in the Lessee in each year to renew said Lease for an additional yearly term, the last yearly term for which said Lease may be so renewed ending January 1, 1956, said Lease being recorded in the Office of the Recorder of Deeds of Cook County, Illinois, pursuant to which Lease the Lessor has demised to the Lessee the following described property situated in the City of Chicago, Cook County, Illinois, to-wit: That part of Lot 3 in Subdivision (By Codwise and others) of the West half of the Southeast quarter of Section 18, Township 39 North, Range 14 East of the 3rd Principal Meridian (except I chain and 37 links along the west side) described as follows:—Beginning at the southwest corner of S. Wood Street and W. Polk Street, and running thence west along the south line of said W. Polk Street a distance of 193.69 feet; thence south parallel to the west line of said S. Wood Street a distance of 152 feet; thence east parallel to the south line of said W. Polk Street a distance of 85.69 feet; thence south parallel to the west line of said S. Wood Street a distance of 18.60 feet; thence east parallel to the south line of said W. Polk Street a distance of 108 feet to the west line of said S. Wood Street; and thence north along the west line of said S. Wood Street a distance of 170.60 feet to the point of beginning (said real estate is herein sometimes called the "Site") ; together with that certain partially constructed Medical and Dental College Building thereon, and all and singular the hereditaments and appurtenances thereunto belonging, and the structures and improvements thereon erected or hereafter erected (the Site, the Medical and Dental College Building thereon, and all other structures and improvements thereon erected or hereafter erected,