Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 1158]

EXTRACTED TEXT FROM PAGE:

i960]

UNIVERSITY OF ILLINOIS

"55

corner being marked with an iron pipe; thence in a westerly direction along a line parallel to the south property line of said Armory Avenue, a distance of 60.0 feet to a corner, said corner being marked with an iron pipe; thence in a southerly direction along a line parallel to the west property line of said First Street, a distance of 104.68 feet to a comer, said corner being marked with an iron pipe; thence in an easterly direction along a line parallel to the center line of a University owned street (Gregory Drive extended) a distance of 32.2 feet to a corner, said corner being marked with an iron pipe; thence in a northerly direction along a line parallel to the west property line of said First Street, a distance of 3.5 feet to a corner, said corner being marked with an iron pipe; thence in an easterly direction, along a line parallel to the center line of the said University-owned street, a distance of 8.0 feet to a corner, said corner being marked with an iron pipe; thence in a southerly direction along a line parallel to the west property line of said First Street, a distance of 3.5 feet to a corner, said corner being marked with an iron pipe; thence in an easterly direction along a line parallel to the center line of the said University-owned street, a distance of 169.8 feet to a corner in the west property line of First Street, said corner being marked with an iron pipe; thence in a northerly direction, along the west property line of said First Street, a distance of 5.24 feet to a corner on the west property line of said First Street, said corner being marked with an iron pipe; thence in a westerly direction along a line parallel to the south property line of said Armory Avenue, a distance of 150.0 feet to the place of beginning. Resolution WHEREAS, Upsilon Alumni Corporation, an Illinois not-for-profit corporation, whose principal office is at m i South First 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 $6,340 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) The 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,