Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 575]

EXTRACTED TEXT FROM PAGE:

572

BOARD OF TRUSTEES

[July 21

Resolution Be It, and It Is Hereby Resolved by this Board of Trustees of T H E BOARD O F T R U S T E E S O F T H E U N I V E R S I T Y O F I L L I N O I S that the Comptroller and Secretary of this public corporation be, and they hereby are, authorized for and in behalf of this corporation, and in its name, to prepare, execute, and deliver to M E D I C A L C E N T E R S T E A M C O M P A N Y an agreement granting said M E D I C A L C E N T E R S T E A M C O M P A N Y a right, easement, permission, and authority to use the South ten (10) feet of the West twenty-five (25) feet more or less of Lot 4 and the North five (5) feet of the West twenty-five (25) feet more or less of Lot 5, both in Turner and Bond's Subdivision of that part of the West half of Lot 10 North of Taylor Street; all in Codwise's Subdivision of the West half of the South East quarter of Section eighteen (18), Township thirtynine (39) North, Range fourteen (14), East of the Third Principal Meridian (except one chain and 37 links all along the West side thereof) in Cook County, Illinois, for the purpose of constructing, operating, maintaining, renewing, and removing conduits, service pipes, and other related appurtenances, which easement shall be perpetual and shall continue for so long as used for said purposes and shall follow the title and ownership of the property and facilities of said MEDICAL C E N T E R S T E A M C O M P A N Y to its successors and assigns; said easement to be granted on the condition that M E D I C A L C E N T E R STEAM C O M P A N Y restore any property of this public corporation, or its assigns, disturbed by reason of such installation, repair, or removal as nearly as possible to its original condition, and that M E D I C A L C E N T E R S T E A M C O M P A N Y indemnify this public corporation against all loss arising out of its exercise of the rights granted under such easement. Resolution Be It, and It Is Hereby, Resolved by this Board of Trustees of T H E B O A R D O F T R U S T E E S O F T H E U N I V E R S I T Y O F I L L I N O I S , a public corporation of the State of Illinois, that the Comptroller and Secretary of this public corporation be, and they hereby, are authorized for and in the name of, and on behalf of, this public corporation to sign, execute, and deliver an agreement with and to U N I V E R S I T Y O F I L L I N O I S F O U N D A T I O N , a not for profit corporation of the State of Illinois, hereinafter referred to as Foundation, whereby this public corporation will convey certain hereinafter described property owned by it in the Medical Center District of Chicago to Foundation; Foundation will borrow money for the purpose of constructing, and will construct, on said property a building completely equipped suitable for and to serve as a laundry for said public corporation, will lease said property, including said building and equipment, to this public corporation at a rental sufficient to pay its indebtedness incurred in connection with the construction and equipping of said building; and will upon completion of the repayment of said indebtedness from said rentals reconvey said property, including the building and equipment thereon, to this public corporation; to sign, execute, acknowledge, and deliver to Foundation a good and sufficient warranty deed conveying to said Foundation in accordance with the terms of the hereinbefore mentioned agreement the following described property, to-wit: Lots 1 to 10 both inclusive and the vacated North and South public alley lying East of the East lines of Lots I to 7 both inclusive and West and Northwesterly of the West and Northwesterly line of Lot 8; all South of the North line of Lot 8 produced West to the East line of Lot I, said alley vacated by an Ordinance of the City Council of the City of Chicago passed 1959; all in Turner and Bond's Subdivision of that part of the West half of Lot 10 North of Taylor Street; all in Codwise's Subdivision of the West half of the South East quarter of Section 18, Township 39 North, Range 14. East of the Third Principal Meridian (except 1 chain and 37 links all along the West side thereof) in Cook County, Illinois; to sign, execute, and deliver a lease with and from Foundation of said property, including said building and equipment, when the construction and equipping or said building has been completed, under which lease this public corporation will agree to pay a rental sufficient to meet all payments required of Foundation on its indebtedness incurred in connection with the construction and equipping of said building, said lease to run from the date of completion and equipping of said