Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 849]

EXTRACTED TEXT FROM PAGE:

846

BOASD OF TRUSTEES EXHIBIT I LEASE UNIVERSITY OF ILLINOIS FOUNDATION

[June 29

as Trustee under the Medical and Dental College Building Trust to T H E BOARD O F T R U S T E E S O F T H E U N I V E R S I T Y O F ILLINOIS T H I S I N D E N T U R E OF L E A S E made this first day of July, 1936, by and between the U N I V E R S I T Y OF I L L I N O I S F O U N D A T I O N , a duly organized and existing private non-profit corporation in the State of Illinois, not individually but as trustee under that certain Trust Agreement dated the 7th day of April, 1036, and known as the Medical and Dental College Building Trust, party of the first part, hereinafter referred to as the "Lessor," and T H E BOARD OF TRUSTEES OF T H E UNIVERSITY OF I L L I N O I S , a duly organized and existing public corporation in the State of Illinois, party of the second part, hereinafter referred to as the "Lessee," WITNESSETH: That the Lessor, in consideration of the rents and other payments reserved, and of the agreements, conditions, covenants and terms hereof on the part of the Lessee to be kept and performed, has demised and leased and hereby demises and leases to the Lessee, and the Lessee hereby takes and hires from the Lessor, the following described real estate (hereinafter called the "demised premises") 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, 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, which said real estate and Medical and Dental College Building upon completion may be used and occupied by the Lessee exclusively for college, seminary, university or other exclusively public educational purposes, and for no other purpose whatsoever. T O H A V E A N D T O H O L D the demised premises with their appurtenances unto the Lessee for the term of one year commencing 12:00 o'clock noon on January 1, 1937 and ending at 12:00 o'clock noon on January 1, 1938. The Lessee shall have the option of renewing this lease (in the manner hereinafter provided) for an additional yearly term commencing at 12:00 o'clock noon on January 1, 1938 and ending at 12:00 o'clock noon on January I, 1939. In each year to and including the year 1954, the Lessee shall also have the option of renewing this lease (in the manner hereinafter provided) for an additional yearly term, each term to commence respectively, at 12:00 o'clock noon on January 1 and to end at 12:00 o'clock noon on January 1 of the next succeeding year, the last yearly term for which the Lessee may renew this lease to end at 12:00