Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 871]

EXTRACTED TEXT FROM PAGE:

868

BOARD OF TRUSTEES

[June 29

W H E R E A S , the Foundation is about to take title, as trustee hereunder, to the hereinafter described real estate (herein called the "Site") in Cook County, Illinois, for use as the site for the Project, and the Foundation has duly accepted the trusts created by this agreement by joining in the execution hereof; N O W , T H E R E F O R E , this Trust Agreement WITNESSETH: That the Foundation is about to take title, as trustee hereunder, to the following described real estate in 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; in the city of Chicago, Cook County, Illinois." and that when it has taken the title thereto, it will hold it hereunder for the uses and purposes and upon the trusts herein set forth. T h e University is about to convey title to said property to the Foundation in consideration solely of the payment by the Government of the sum of $196,879.35 to the University on account of the aforesaid grant being made by the Government to the University. Upon the acknowledgment by the University of receipt of said sum of $196,879.35, the full and only consideration for the conveyance of the Site shall be deemed to have been paid.

ARTICLE O N E CONSTRUCTION OF PROJECT

I . O I . T h e University shall deposit with the Bank in Construction Fund A, said sum of $196,879.35 and any other sums paid on the grant when and as received, such moneys to be used and disbursed for the purposes and in the manner provided by the Construction Fund Agreement. 1.02. T h e Foundation shall construct the Project, or cause it to be constructed, upon the Site in accordance with the plans and specifications heretofore approved by the University and the Government, subject to such amendments as may be made therein with the approval of the parties hereto. The Foundation, as trustee, hereunder, hereby assumes the obligations which have been incurred by the University under contracts for the construction of the Project. T h e Foundation shall execute such new and additional contracts as may be needful to provide for the construction and completion of the Project. 1.03. T h e Foundation may use its efforts to obtain funds by gifts, donations or otherwise in an amount which, together with the proceeds of the aforesaid grant to be made to the University, shall be sufficient to finance the construction and completion of the Project. Any moneys collected by the Foundation by way of such gifts, donations or otherwise for the purpose of aiding in the construction of the Project shall be deposited in the Construction Fund A and used and disbursed for the purposes and in the manner provided by the Construction Fund Agreement. 1.04. If in its sole discretion the Foundation determines that it is unable by gifts, donations or otherwise to obtain the additional funds needed in order to construct and complete the Project, the Foundation shall issue its Bonds in order to provide such funds as shall be necessary, together with the proceeds of the aforesaid grant, in order to complete the construction of the Project. T h e Foundation may accept the Offer of the Government to purchase its Bonds