Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 853]

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BOARD OF TRUSTEES

[June 29

the other payments to be made to the Lessor hereunder, shall be solely payable and collectible from the "Special F u n d " and the receipts and collections required to be paid therein, and that neither the Lessor nor its successors or assigns (including the Trustee) shall have the right to demand the payment of the Rent or the discharge of the other obligations of the Lessee hereunder out of any funds other than said Special Fund, but that such limitation shall not affect the right of the Lessor, its successors or assigns (including the T r u s t e e ) to exercise its or their several remedies in case of default by the Lessee in the performance of any of its covenants or obligations hereunder (irrespective of whether or not the aforesaid Special Fund or the receipts and collections required to be paid therein shall be adequate to meet such covenants or obligations): F I R S T : Whenever the following terms or any of them are used in this Indenture of Lease, 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: ( a ) "Medical and Dental College Building"—the building which is being constructed and will be completed upon the above described real estate in the City of Chicago, Illinois. ( b ) "Medical and Dental College Building Trust"—the trust created by the T r u s t Agreement dated April 7, 1936, between T h e Board of Trustees of the University of Illinois, the University of Illinois Foundation, and the United States of America. ( c ) "Special Fund"—The Medical and Dental College Building Fund into which the Lessee shall deposit all receipts and collections which it is authorized by Senate Bill No. 542, approved July 11, 1935, to retain in its own treasury for the performance of any contracts or undertakings with the United States in connection with any grant, advance, loan or contract for the erection of a building or buildings under House Joint Resolution 117. ( d ) " T r u s t Indenture"—the T r u s t Indenture of even date herewith from the Lessor to T h e First National Bank of Chicago as Trustee, which Trust Indenture secures the Bonds of the Lessor in the principal amount of not to exceed $1,091,000. ( e ) "Bonds"—bonds of the Lessor in the aggregate principal amount of not to exceed $1,091,000 which have been or shall be issued under and secured by the T r u s t Indenture, the proceeds of said bonds to be used to aid in financing the construction of the Medical and Dental College Building. ( f ) "Trustee"—The First National Bank of Chicago as Trustee under the T r u s t Indenture. ( g ) "Rental Installment Dates"—the dates upon which the monthly installments of the $86,000 annual rent (exclusive of the additional rent herein provided for) shall be payable as hereinafter provided. S E C O N D : T h e Lessee in consideration of the leasing to it of the demised premises by the Lessor hereby covenants and agrees to pay, solely from the Special Fund, to the Lessor as rent (hereinafter called "Rent") for said demised premises, the sum of $86,000 per annum (plus the additional Rent hereinafter provided for) for each and every year during which this lease shall continue in force, which Rent shall be payable at said annual rate in monthly installments on or before the first day of each and every month, commencing on January I, in each year while this lease continues in force, the first eight monthly payments in each yearly term to be in the amount of $7200 and the last four monthly payments in each yearly term to be in the amount of $7100. T h e Rent hereunder shall be paid by the Lessee to T h e First National Bank of Chicago, at its office in Chicago, Illinois, for deposit in the special account of the Lessor called "Revenue Fund," which fund is provided for in the Trust Indenture of even date herewith from the Lessor to said Bank as Trustee. Said Rent shall be payable in any coin or currency which, upon the respective dates of payment thereof, is legal tender for the payment of public and private debts. T h e Lessee shall, and will, on each Rental Installment Date during the life of this lease, well and truly pay, or cause to be paid to the Lessor, its successors and assigns, the Rent herein reserved (including any additional Rent herein