Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 834]

EXTRACTED TEXT FROM PAGE:

1936]

UNIVERSITY OF ILLINOIS

831

tinue in force (for said purpose of continuing in possession of such demised property, but not otherwise, the event of default enumerated in said subparagraph (i) shall be deemed to exist during the period of such lease or leases), notwithstanding compliance by the Foundation with the conditions hereinabove prescribed in this Section. Section 9.02. Upon the happening of any event of default specified in Section 9.01 hereof, then, and in every such case, the Trustee, if it deems it advisable, directly or by its agents or attorneys, may enter into and upon all or any part of the Trust Property and may exclude the Foundation and its agents and servants wholly therefrom; and having and holding the same may use, operate, manage and control the Trust Property and conduct the business of the Foundation and exercise all rights and powers of the Foundation with respect thereto, and with respect to the Pledged Estate, either personally or by its superintendents, agents, servants, attorneys, or receivers. Upon every such entry, the Trustee from time to time and at the expense of the Trust Property, may make all necessary _or proper purchases, repairs, removals, replacements and useful alterations, additions, betterments, and improvements for the maintenance or restoration of the property whereof it shall become possessed as aforesaid, all as to it may seem advisable. Upon every such entry, in case the attached lease to the University shall then be in force the Trustee may, and upon the written request of at least ten per cent of the holders of the Bonds shall, give written notice to the University that the Foundation is in default and that the Trustee has elected to take advantage of the assignment to it of said lease. In such event, the Trustee in its own name or in the name of the Foundation may collect and receive all moneys due and becoming due and payable to the Foundation under the attached lease and may enforce and exercise all of the rights and powers of the Foundation under said lease and the Trustee^ shall have the sole right to take all such action under said lease unless and until the Trustee shall restore the Trust Property to the Foundation as hereinafter provided and shall give written notice to the University that the Foundation itself may resume the collection of moneys and the exercise of its powers under such contract. Upon every such entry, in case the attached lease to the University shall not then be in force, the Trustee shall have the right and power to lease, use or operate the Project, the Site thereof and the other Trust Property for purposes other than those for which the Foundation itself as trustee under the Medical and Dental College Building Trust may lease, use or operate same; in such event, the Trustee, in its own name, shall have the right and power to lease, use or operate the Project, the Site or any other Trust Property for any purposes whatsoever and not merely for college, seminary, university or other educational purposes. If the Foundation is in default hereunder the Trustee, upon every such entry, may, and upon the written request of at least 10% of the holders of the Bonds shall, give written notice of such default to any person or persons with whom the Foundation has to the knowledge of the Trustee entered into any leases or contracts demising or otherwise relating to the Trust Property or any part thereof or the operation thereof or the rents, issues, profits or other revenues therefrom, such notice to state that the Foundation is in default and that the Trustee has elected to take advantage of the assignment to it of said leases and contracts. In such event, the Trustee in its own name or in the name of the Foundation may collect and receive all moneys due and becoming due and payable to the Foundation under said leases and contracts and may enforce and exercise all of the rights and powers of the Foundation under said leases and contracts, and the Trustee shall have the sole right to take all such action under said leases and contracts, unless and until the Trustee shall restore the Trust Property to the Foundation as hereinafter provided and shall give written notice to such person or persons with whom said leases and contracts have been made that the Foundation itself may resume the collection of moneys and the exercise of its powers under said leases and contracts. Upon every such entry, and the giving of written notices as aforesaid in connection with any leases or contracts constituting a part of the Trust Property