Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 153]

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BOARD OF TRUSTEES

[October 23

in good condition and repair; University agreed that in the event of any default by University in the payment of rental all rights of University in and to the premises should t e r m i n a t e ; and Foundation agreed that, upon liquidation of its indebtedness to the First National Bank of Chicago incurred for the purpose of this agreement, it would reconvey said property to University by good and sufficient W a r r a n t y Deed; and WHEREAS, pursuant to said agreement: A. University of Illinois Foundation entered into a loan agreement with the First National Bank of Chicago, dated October 15, 1958, providing for a loan in the sum of $440,000, secured by serial promissory notes of Foundation bearing maturities and interest at the rates set forth in said loan agreement; a copy of the loan agreement is on file with the Secretary of University; B. T h e Comptroller and Secretary of University executed and acknowledged in the name and on behalf of University a W a r r a n t y Deed dated October 14, 1958. and delivered it to Foundation on October 15, 1958, conveying to Foundation in consideration of the sum of $440,000, title to the following described property: Beginning at a point 345.35' East of and 46.63' S 0° 02' E of the North yi corner of Section 18, T. 19 N., R. 9 E. of the 3rd P . M., thence S o° 02' E 747.50'; thence N 89 0 58' E 61.00'; thence N 0° 02' W 747.50'; thence S 89° 58' W 61.00' to the place of beginning, said tract containing 1.05 acres more or less, and all situated in the City of Urbana, County of Champaign, State of Illinois; Also, beginning at a point 170.23' North of and 27.79' S 89° 59' E of the S W corner of the S E YA. of Section 7, T. 19 N., R 9 E. of the 3rd P. M., thence N o r t h 69.07'; thence S 89 0 49' E 73-47'; thence N o° 08' W 7852'; thence S 89° 45' E 285.08'; thence S 0° 20' W 51.21'; thence S 89° 46' E 86.54'; thence S o° 01' W . 43-i8'; thence N 89 0 59' W 110.09'; thence S 0° 01' W 38.20'; thence N 89 0 59' W 5.72'; thence N 0° 01' E 2.50'; thence N 89 0 59' W 30.78'; thence S 0° 01' W 2.50' thence N 89° 59' W 8.50'; thence S 0° 01' W 14.00'; thence N 89° 59' W 49.30'; thence N 0° 01' E 3.00'; thence N 89° 59' W 54.22'; thence S o° 01' W 2.80'; thence N 89 0 59' W 46.63'; thence N 0° 01' E 8.55'; thence N 89 0 59' W 53-i6'; thence S o° 01' W 8.48'; thence N 89° 59' W 86.84' to the place of beginning, said tract containing 1.11 acres more or less, and all situated in the City of Urbana, County of Champaign, State of Illinois; Also, beginning at a point 381.14' N o r t h of and 421.33' East of the S W corner of the S E Vi of Section 7, T. 19 N., R. 9 E. of the 3rd P . M., thence N o° 11' E 391.56'; thence S 89° 49' E 51.00'; thence S 0° n ' W 195.88'; thence N 89 0 49' W 16.00'; thence S 0° 11' W 16.89'; thence S 89° 49' E 16.00'; thence S 0° 11' W 178.79'; thence N 89 0 49' W 51.00' to the place of beginning, said tract containing O.452 acres more or less, and all situated in the City of Urbana, County of Champaign, State of Illinois; Also, beginning at a point 30.24' South of and 51.58' S 89° 37' E of the intersection of the centerlines of Gregory Drive and South Fourth Street, thence S o° 03' W 52.74'; thence S 89 0 57' E 17.50'; thence N 0° 03' E 7.98'; thence S 89° 37' E 240.58'; thence N 0° 28' E 44.75'; thence N 89° 37' W 258.38' to the place of beginning, said tract containing 0.274 acres more or less, and all situated in the City of Champaign, County of Champaign, State of Illinois; Also, beginning at a point 30.24' South of and 317.93' S 89° 37' E of the intersection of the centerlines of Gregory Drive and South F o u r t h Street, thence S 0° 23' W 67.75'; thence S 89° 37' E 205.51'; thence N o° 23' W 67.75'; thence N 89° 37' W 205.51' to the place of beginning, said tract containing 0.32 acres more or less, and all situated in the City of Champaign, County of Champaign, State of Illinois; Also, beginning at a point 397.62' South of and 46.03' S 89° 35' E of the intersection of the centerlines of Gregory Drive and South F o u r t h Street, thence N o r t h 51.64'; thence S 89° 33' E 261. 8 1 ' ; thence S 0° 24' W 51.44'; thence N 89 0 35' W 261.38' to the place of beginning, said tract containing