Repository: UIHistories Project: Board of Trustees Minutes - 1974 [PAGE 93]

EXTRACTED TEXT FROM PAGE:

1972]

UNIVERSITY OF ILLINOIS

83

guerite Proctor Hoare were each bequeathed one-third of her estate. The will further stated that the University of Illinois would establish a trust fund, to be designated the JOSEPH W. RICKERT TRUST, the income from which is to be used as an award to the outstanding senior student of the law school, as selected by the faculty. Included in the estate is a house that belonged to the deceased's sister, Marie Rickert, who died June 9, 1971. Kenneth Youngblood, the attorney representing the estate, has forwarded an offer to purchase the property for $30,500. A Certificate of Valuation for the property, dated August 12, 1971, established a fair market value of $32,500. The offer to purchase the property by a Mr. and Mrs. Lewis Womack, was effective July 13, 1971, and has been accepted by Mrs. Hoare and forwarded to the University of Illinois for appropriate action. The Chancellor at the Urbana-Champaign campus and the Vice President for Financial Affairs recommend acceptance of the offer. Therefore, I recommend that the Board of Trustees of the University of Illinois adopt the following Resolution: Resolution Authorizing Acceptance of Offer to Purchase Certain Land in the Marguerite Rickert Estate WHEREAS, Marguerite L. Rickert, who died on July 8, 1071, by her last will and testament, after certain specific bequests, bequeathed the entire residue of her estate jointly to Marguerite Proctor Hoare, The Board of Trustees of the University of Illinois, and Southern Illinois University; and WHEREAS, a portion of Marguerite L, Rickert's residuary estate in which The Board of Trustees of the University of Illinois now holds an undivided one-third interest, consists of the hereinafter described parcel of improved real estate located in North Carolina; and WHEREAS, Lewis L. Womack and Louise A. Womack have made an offer to purchase the hereinafter described parcel of improved real estate located in North Carolina upon the following terms, to wit, payment of a purchase price of $30,550 upon delivery of a deed conveying good and merchantable title. Nozv, Therefore, Be It and It Hereby Is Resolved, that, subject to receipt of a title search and opinion showing title in the hereinafter described property to be in The Board of Trustees of the University of Illinois, Marguerite Proctor Hoare, and Southern Illinois University, the Comptroller and the Secretary of The Board of Trustees of the University of Illinois be, and they hereby are, authorized to accept the offer to purchase of Lewis L. Womack and Louise A. Womack, in the amount of $30,550, provided that the other owners of undivided interests also accept said offer, ami, to convey by executing a deed jointly with Marguerite Proctor Hoare and Southern Illinois University to Lewis L. Womack and Louise A. Womack, title to the following property, to wit: Being Lot No. 13 and five feet of Lot No. 14 of the Brookdale Park Subdivision as will be shown by reference to Plat Book 7, at page 9, in the Office of the Register of Deeds for Henderson County, North Carolina, and being more particularly described as follows: BEGINNING at a stake in the southwestern margin of Park Place, common corner of Lots 12 and 13, and runs thence with the southwestern margin of said Park Place South 36° 25 min. East 105 feet to a stake; thence South 58° 16 min. West 172.4 feet to a stake in the northeastern margin of a ten foot service alley; thence with said margin of said alley, North 29° 20 min. West 93.2 feet to a stake (control comer); thence North 54° East 162 feet to the point of BEGINNING. Being subject to restrictions for Brookdale Park Subdivision and being the same property described in Deed Book 399 at page 607 of the Henderson County, North Carolina Registry, and being that same property set forth in deed from Arthur F. Casey and wife to Marie M. Rickert by deed dated 13 September 1965 and recorded in Deed Book 434 at page 313 of the Henderson County Registry.

On motion of Mr. Hahn, the foregoing resolution was adopted by the following vote: Aye, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr. Hughes, Mr. Keal, Mr. Pogue, Mr. Steger, Mr. Swain; no, none; absent, Dr. Bakalis, Governor Ogtlvie.