Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 860]

EXTRACTED TEXT FROM PAGE:

I936]

UNIVEBSITY OF ILLINOIS

857

or other Hen, or order, shall have been fully cancelled or discharged of record by payment or otherwise or until such default shall have been cured, as the case may be. If the work of repairing, replacing or rebuilding said damaged or destroyed building, structure or improvement shall not have been commenced within the period of thirty days as herein provided, the Lessor shall have the right: (a) to repair, replace or rebuild the damaged or destroyed property, or cause the same to be done, and to apply to the cost thereof the proceeds of the insurance policies together with other moneys available therefor; or (b) to terminate this lease, and the term hereby granted, by giving the Lessee not less than thirty days' written notice of such intention. Before commencing said repairs, replacement or rebuilding, the Lessee shall, at its own expense, deliver to the Lessor a general accident or public liability policy, including a policy for workmen's compensation, in the name and for the benefit of the Lessor, such policy or policies to be in form and with insurers satisfactory to the Lessor, in the amount of $20,000 in respect of any one accident or disaster and in the amount of $10,000 in respect of injuries to any one person in any one accident or disaster. At least ten days before the commencement of such repairs, replacement or rebuilding, the Lessee shall notify the Lessor of its intention to commence the same and the Lessee shall pay to the Lessor, upon demand, the amount of any increase in premiums on insurance policies, covering the building, structure, improvement or fixtures on account of any endorsement to be made upon said policies governing the risk during the course of such repairs, replacement or rebuilding. TWENTIETH: The Lessee shall keep, in accordance with standard principles of accounting, proper books of record and accounts separate from all other books kept by it, in which full, true and correct entries will be made of all receipts and collections which the Lessee is hereby required to pay into the Special Fund, the amounts paid into the Special Fund and the expenditures made from the Special Fund. On or before the first day of December of each year beginning with the first day of December 1937, said Lessee shall furnish to the Lessor and to the Trustee a statement certified as correct by the comptroller of the Lessee showing respectively the total amount of said receipts and collections during the twelve month period ending on the next preceding October 1, the amount thereof paid into the Special Fund, the expenditures made from said Special Fund and the balance thereof remaining in the Special Fund, all as of the next preceding October 1. The Lessor and the Trustee and each of them shall have the right at all reasonable times to inspect the records, accounts and data of the Lessee relating to the Special Fund and to the aforesaid receipts and collections which the Lessee is hereby required to pay into said Special Fund. TWENTY-FIRST: The agreements, conditions, covenants and terms herein contained shall in every case apply to, be binding upon and inure to the benefit of the respective parties hereto and of their successors and assigns with the same force and effect as specifically mentioned in each instance where the Lessor or Lessee is named; provided, however, that no assignment by the Lessee, in violation of the provisions of this lease, shall vest in any such assignee any right or title in or to the leasehold estate hereby created or other right under this lease. TWENTY-SECOND: The Lessee shall and will, on the expiration of this lease or upon the termination hereof, surrender to the Lessor the demised premises and all buildings, structures, improvements and fixtures thereon together with all alterations, renewals, and replacements thereof in as good order, condition and state of repair as of the date of erection or installation, as the case may be, ordinary wear and tear excepted. TWENTY-THIRD: The Lessor, simultaneously with the execution and delivery hereof, has executed and delivered a Trust Indenture of even date herewith to The First National Bank of Chicago, as Trustee, which Trust Indenture secures the Bonds of the Lessor in the aggregate principal amount of not to