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Caption: Board of Trustees Minutes - 1936
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i936l UNIVERSITY OF ILLINOIS 8ll indebtedness hereby secured except from the aforesaid revenues and special fund. ( b ) T h e Bonds and interest coupons appertaining thereto shall not constitute or be a debt, obligation or liability of any kind whatsoever (either within the meaning of any constitutional or statutory restriction or limitation or otherwise) of T h e Board of Trustees of the University of Illinois or the State of Illinois, and neither T h e Board of Trustees of the University of Illinois nor the State of Illinois shall be legally or morally liable or obligated thereon. ( c ) No personal liability of the Foundation or any beneficiary under the Medical and Dental College Building Trust shall be asserted or be enforceable because or in respect of the Bonds or of the making, issue or transfer thereof, all such personal liability, if any, being hereby expressly waived and released by each bearer or registered holder of any of the Bonds and each holder of any coupon appertaining to the Bonds, and each such bearer or registered holder of any of the Bonds, and each such holder of any coupon appertaining thereto, accepts the same upon the express condition that the Bonds and interest coupons appertaining thereto shall be collectible only out of the aforesaid special fund and the revenues of the Trust Property hereby and in the Bonds required to be paid therein. ( d ) In no event shall the Trustee or any holder or holders of any Bonds or interest coupons appertaining thereto be deemed to have the remedy of foreclosure or any other remedy pursuant to which they or any of them may cause the T r u s t Property to be sold and the title of the Foundation to the Trust Property to be divested or forfeited; provided, however, that nothing herein contained shall be construed to affect, limit or prejudice any of the other rights, powers and remedies of the Trustee or of the bondholders which are given hereunder or which now or hereafter exist at law or in equity or by statute, including, without limiting the generality of the foregoing, the rights, powers and remedies of the Trustee and of the bondholders (as hereinafter provided) in the event of a default hereunder: ( i ) to take possession, use, operate, manage and control the T r u s t Property and to collect and dispose of the rents, issues and profits therefrom; (2) to secure the appointment of a receiver or receivers of the Trust Property and of the rents, issues, and profits therefrom; and (3) to enforce the payment directly to the Trustee of any sums due to the Foundation under the attached lease or any other leases or other contracts relating to or in connection with the Trust Property, or any part thereof, or the operation thereof, or the rents, issues and profits therefrom, and to exercise any and all rights, powers and remedies of the Foundation thereunder, including the power to terminate any such lease or contract in case of a default thereunder by the Lessee or other party thereto; all as more fully hereinafter provided. Subject always to the provisions of the paragraphs ( a ) , ( b ) , ( c ) , and ( d ) next preceding, the terms and conditions upon which the Bonds and the coupons appertaining thereto are to be issued, authenticated, delivered, secured and accepted by all persons who shall from time to time be or become the holders thereof, and the trusts and conditions upon which the Pledged Estate is to be held, which said trusts and conditions the Trustee hereby accepts, are, and the respective parties hereto covenant and agree, as follows: ARTICLE I DEFINITION OF T E R M S Section 1.01. Wherever the following terms or any of them are used in this Indenture, the same, unless the context shall indicate another or different meaning or intent, shall be construed, are used, and are intended to have meanings, as follows:
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