Repository: UIHistories Project: Board of Trustees Minutes - 1968 [PAGE 833]

EXTRACTED TEXT FROM PAGE:

1967]

UNIVERSITY OF ILLINOIS

781

purpose of constructing and will construct, on said property an addition to, and perform certain remodeling of, the Krannert Art Museum; that Foundation will sublease said premises, including the buildings and facilities to be constructed thereon, to this public corporation at a rental and upon the terms and conditions hereinafter set forth; and that upon completion of the repayment of said indebtedness title to said property, including all improvements and facilities thereon, shall be vested in this public corporation; (2) to enter into a lease with Foundation providing for the leasing by this public corporation to Foundation of the following described property, viz: Situated in the State of Illinois, the County of Champaign, the City of Champaign, in the Southwest Quarter ( S W V4) of Section Eighteen (18), Township Nineteen North (T-19-N), Range Nine (9) East of the Third Principal Meridian (3rd P.M.), and being more fully bounded and described as follows: Beginning at a corner 1062.73 feet distant south of and 466.2 feet distant west of the N E Corner of the said S W 14 of Section 18; thence westerly, a distance of 477.2 feet to a corner; thence southerly a distance of 223.6 feet to a corner; thence easterly, a distance of 477.2 feet to a corner; thence northerly, a distance of 223.6 feet to the point of beginning, containing 2.45 acres, more or less; for a term of thirty years commencing on the first day of November A.D. 1967 and extending to and including the 31st day of October A.D. 1997, or until the indebtedness incurred by Foundation in connection with the construction and remodeling of said buildings and facilities has been paid and liquidated, whichever shall first occur; in consideration of Foundation's constructing thereon an addition to, and performing remodeling of Krannert Art Museum pursuant to plans and specifications therefor as now on file in the office of the Campus Architect of this public corporation, and in consideration of Foundation's reimbursing this public corporation for architectural, engineering and estimating fees incurred in connection with said construction and the plans and specifications therefor and accepting an assignment of the architectural contract therefor, and in consideration of Foundation's subleasing said premises and the buildings and facilities to be constructed thereon to this public corporation upon the terms and conditions hereinafter set forth; and providing further that in the event this public corporation should become in default under the terms of said sublease or fail to exercise any option for renewal of the term of said sublease under the terms and conditions therein set forth that thereupon Foundation shall have the full and unrestricted right to the use and possession of said premises and the buildings and facilities thereon for the remainder of the original term of said lease and the right to assign said lease or sublet said premises with the buildings and facilities thereon to others for the remainder of the original thirty year term of said lease; (3) to enter into a sublease agreement with Foundation providing for the subleasing by Foundation to this public corporation of said premises including the buildings and facilities to be constructed thereon, under which sublease this public corporation will agree to pay a Basic Rental payable in semiannual installments in the amount of Seventeen Thousand Five Hundred Dollars ($17,500.00) or such other amount as may be necessary to enable the Foundation to pay all interest when due on Foundation's loan and all costs incurred by the Foundation in connection with the operation and maintenance of the Krannert Art Museum, but upon which Basic Rental University shall have the right to take credit for any interest paid on Foundation's loan from the loan proceeds and for all income received from investments of the loan proceeds during the construction period and from investments of Krannert gifts by Foundation, and an additional rental equal to any shortages in scheduled Krannert gifts, payable in eight quarterly installments beginning with the first quarter of the biennium subsequent to the term or any renewal term of the sublease in which such deficiency in Krannert gifts occurred; said sublease to run from the date of the closing of Foundation's permanent loan secured for the financing of said improvements and extend to June 30 of the first subsequent odd-numbered year thereafter; and which sub-