Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 1157]

EXTRACTED TEXT FROM PAGE:

"54

BOARD OF TRUSTEES

[January 20

Negotiations with the alumni corporations of these fraternities have been concluded at a sales price of $12,470 for the property to be purchased by Alpha Gamma Rho and of $6,340 for the property to be purchased by Delta Chi. These prices represent the average of three appraisals of each. Accordingly it is now recommended that the Board of Trustees authorize the sale of these properties by adoption of resolutions which are submitted herewith. Resolution WHEREAS, Alpha of Alpha Gamma Rho Alumni Association, an Illinois notfor-profit corporation, whose principal office is at 602 East Green Street, Champaign, Illinois, hereinafter termed "Purchaser," has offered to purchase the hereinafter described property, upon the terms and conditions hereinafter set forth; Now, Therefore, Be It And It Hereby Is Resolved, by this Board of Trustees of The Board of Trustees of the University of Illinois, a public corporation of the State of Illinois, that the Comptroller and Secretary of this Corporation be, and they hereby are, authorized and directed, in the name, and in behalf of, this Corporation to enter into an agreement with Purchaser providing for the sale and conveyance to Purchaser of the hereinafter described property upon the following terms and conditions: (1) At a sale price of $12,470 with customary adjustments to be made therein for abstracting and closing costs; (2) This Corporation at its option to furnish Purchaser with a Title Guaranty Policy insuring the title for the full amount of the purchase price or with a merchantable abstract of title and to pay for the required Federal Documentary T a x Stamps; (3) That the plans and specifications for the proposed construction work which Purchaser intends to have performed for it upon said hereinafter described property will be presented to and approved by the Director of the Physical Plant of this Corporation before Purchaser enters into a contract providing for the construction of the same; (4) That the deed providing for conveyance of title to the hereinafter described property to Purchaser shall not be executed or delivered until Purchaser has duly entered into a definite and binding contract providing for the performance of such construction work in accordance with plans and specifications as approved by the Director of the Physical Plant of this Corporation and has furnished this Corporation with a copy satisfactory to this Corporation of such contract; (5) Purchase price to be paid in full at the time of delivery of the deed and possession; (6) T h e title to be conveyed to be subject to special assessments becoming a lien after the date hereof, building restrictions and easements of record; (7) Such other terms and conditions as said Comptroller and Secretary may deem necessary or desirable. It Hereby Is Further Resolved that upon compliance with the terms of said agreement by Purchaser, and in accordance with the terms thereof, said Comptroller and Secretary be, and they hereby are, authorized and directed, to execute, acknowledge, and deliver, in the name and in behalf of, this Corporation, and under its Corporate Seal, a Quit Claim Deed and such other documents in connection therewith as said Comptroller and Secretary may deem necessary or desirable in order to convey to Purchaser title to the following described property, viz: Situated in the State of Illinois, the County of Champaign and the City of Champaign, and being a part of the N E T/& of the S E Yi of Section 13, Township 19 North, Range 8 East of the Third Principal Meridian, and being also a part of Lot I of a subdivision of the South Yi of said Section 13 as recorded in Plat Book A, Page 348, of the records of said County, and being more fully bounded and described as follows: Beginning at a point 403.4 feet distant south and 150.0 feet distant west from the southwest corner of Armory Avenue and First Street in the City of Champaign, said point being marked with an iron pipe and being also the southwest corner of a tract of land conveyed to Mae Roland by the University of Illinois, as recorded in Deed Book 199, Page 395, of the records of said County; thence in a northerly direction along a line parallel to the west property line of said First Street, a distance of 100.0 feet to a corner, said