Repository: UIHistories Project: Board of Trustees Minutes - 1972 [PAGE 467]

EXTRACTED TEXT FROM PAGE:

1971]

U N I V E R S I T Y OF I L L I N O I S

457

lease of 608 East White Street, Champaign, between the Foundation and the University with payment to the Foundation of the sum of $3,700; and adoption of the attached resolution authorizing such transactions. Funds for the $3,700 payment are available in the Housing Division reserves. The Division now uses the Lincoln Avenue property for parking. The property being leased from the Foundation at 608 East White Street, Champaign, is not income-producing and it is no longer deemed desirable to hold it for future campus expansion. It is further recommended that the Foundation be requested to sell the properties at 605, 607, and 608 East White Street at an amount no less than their acquisition cost and that the funds be used to reduce the Foundation's borrowing and/ or to acquire other property in areas of the campus which are considered more critical for University expansion. A recommendation on such acquisitions would be submitted to the Board at a later date. Resolution Authorizing Exchange of University Property Located at 605 and 607 East White Street, Champaign, Illinois for Foundation Property Located at 309 South Lincoln Avenue, Urbana, Illinois Be It, and It Hereby Is, Resolved by T H E BOARD OF TRUSTEES OF THE UNIVERSITY OF ILLINOIS, a public Corporation of the State of Illinois, hereinafter referred to as "UNIVERSITY," that the Comptroller and Secretary of this Corporation be, and they hereby are, authorized for, and in the name of, and on behalf of, UNIVERSITY to enter into an agreement with the UNIVERSITY OF ILLINOIS FOUNDATION, a not-for-profit Corporation of the State of Illinois, with its principal office in Urbana, Illinois, hereinafter referred to as "FOUNDATION," providing for the conveyance to FOUNDATION of title to the property hereinafter described and referred to as Tract A in consideration of the conveyance by FOUNDATION to UNIVERSITY of title to the following described property which is hereinafter referred to as Tract B, viz: The South Fifty (50) feet of Lot 1, and all of Lot 2 except the North 170 feet, of Charles A. Besore's Subdivision of Lot 1 in Block 3 of Burpee, Curtiss and Somer's Addition to the City of Urbana, situated in the City of Urbana, in the County of Champaign, and State of Illinois; also known as 309 S. Lincoln Avenue, Urbana, Illinois; and upon the following terms and conditions : 1. FOUNDATION to convey title to Tract B, to UNIVERSITY in fee simple absolute, free and clear of all liens and encumbrances by Warranty Deed and UNIVERSITY shall pay to FOUNDATION the sum of Three Thousand Seven Hundred Dollars ($3,700.00) and whereupon the presently existing lease of said premises between UNIVERSITY and FOUNDATION and the presently existing lease of the premises at 608 East White Street, Champaign, Illinois between FOUNDATION and UNIVERSITY shall be cancelled and terminated and UNIVERSITY shall have no further rental obligations under either of said lcsscs 2. UNIVERSITY to convey title to Tract A to FOUNDATION in fee simple absolute, free and clear of all liens and encumbrances by Warranty Deed and pay for all abstracting, title fees, and recording costs. 3. Possession of Tract A and Tract B shall be delivered concurrently with the conveyances of title and free and clear of the rights of any tenants. 4. 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 FOUNDATION, 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 Warranty Deed and such other documents in connection therewith as said Comptroller and Secretary may deem necessary or desirable in order to convey to FOUNDATION title to the following-described property, viz: Lot One Hundred Seventy (170) of a subdivision of the South part of Lot