Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 846]

EXTRACTED TEXT FROM PAGE:

i936l

UNIVERSITY OF ILLINOIS

843

Section 13.03. All of the covenants, stipulations, promises, undertakings, and agreements herein contained, by or on behalf of the Foundation shall bind and relate to its successors and assigns, whether so expressed or not, including particularly any person or entity acquiring all or any part of the T r u s t Property or Pledged Estate. Section 13.04. T h e unenforceability for any reason of any one or more phrases, sentences, clauses, or paragraphs hereof shall not affect the remaining portions of this Indenture or any part thereof, all of which are hereby declared to be separable and in the event that one or more of the phrases, sentences, clauses, or paragraphs contained herein should be unenforceable, this instrument shall be construed as if such unenforceable phrase or phrases, sentence or sentences, clause or clauses, and paragraph or paragraphs had not been inserted. Section 13.05. Except as otherwise expressly provided in this Indenture, nothing herein or in the Bonds or coupons issued hereunder is intended or shall be construed to give any person other than the parties hereto and the holders of the Bonds and coupons any legal or equitable right, remedy or claim under or in respect to this Indenture or under any provision herein contained, this Indenture being for the sole and exclusive benefit of the parties hereto and the holders of the Bonds and coupons hereby secured. This Indenture shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns. Section 13.06. Except for moneys held in the Revenue Fund and except as herein otherwise provided, the Foundation shall not have any right or interest in any moneys from time to time held by or to the credit of the Trustee hereunder, but all such moneys shall be and hereby are assigned, transferred, and set over unto the Trustee in trust for the holders of all of the Bonds and coupons issued hereunder, except such of said moneys as are required hereby to be held for or applied to other purposes. Section 13.07. Whenever any sums are payable to or by the Foundation, the Trustee, the holder of any Bond or coupon, or any other party mentioned herein, pursuant to the terms of this Indenture or of the Bonds and coupons, and no place of payment is specifically mentioned, such sums are hereby agreed to be payable at the office of the Trustee. Section 13.08. This Indenture and the Bonds and coupons issued hereunder are and shall always be construed to be contracts made under and pursuant to the laws of the State of Illinois in force at the time of the date hereof, and all the terms, covenants, conditions, and provisions hereof and thereof shall be construed according to such l a w s ; provided, however, that any constitutional or statutory provision enacted after the date of this Indenure which makes enforceable any provision of this Indenture and the Bonds or the coupons issued hereunder which would not otherwise be enforceable, shall be deemed to apply to this Indenture and to the Bonds and coupons. Section 13.09. Nothing herein contained shall be construed as making 01 constituting the Bonds or interest thereon or any of the covenants, stipulations, obligations or agreements of the Foundation hereunder: ( a ) A personal obligation of the Foundation or any beneficiary under the Medical and Dental College Building Trust. ( b ) A debt, obligation or liability of any kind whatsoever (either within the meaning of any constitutional or statutory restriction or limitation or otherwise) of the University or the State of Illinois, and neither the University nor the State of Illinois shall be in any way legally or morally liable or obligated for the payment of the Bonds or the interest thereon or any part thereof or for the performance of any of the covenants, stipulations, obligations or agreements of the Foundation hereunder. ( c ) Payable out of any funds other than the revenues of the Trust Property from whatever sources derived (except that interest accruing during the period of the construction of the Project may be paid out of the proceeds of the sale of the Bonds) and the special fund herein-