Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 901]

EXTRACTED TEXT FROM PAGE:

856

BOARD OF TRUSTEES

[October 26

beginning, and being further described as the South 35.69' of the East 56.0' of Lot 1, the South 3S.t><? of Lots 2, 3, 4, and 5, and the South 35.69' of the West 52.12' of Lot 6, all in Block 6 of the Urbana Rail Road Addition to the City of Urbana; and the West 184.12' of Lot 2, the East 188.0' of Lots 3 and 4, the North 62.81' of the East 142.0' of Lot 5, the North 62.81' of Lot 6, the North 62.81' of the West 78.12' of Lot 7, all in W. M. Goodwin's Addition to the City of Urbana; containing 2.375 acres, more or less." for a term of, thirty years commencing on the first day of November A.D. 1963 and extending to and including the 31st day of October A.D. 1993, or until the indebtedness incurred by Foundation in connection with the construction and equipping of said building and facilities has been paid and liquidated, whichever shall first occur; in consideration of Foundation's constructing thereon a building and facilities for use as a Materials Research Laboratory pursuant to plans and specifications therefor as now on file in the office of the University Architect of this public corporation and for which bids have been received as hereinafter set forth, and in consideration of Foundation's reimbursing this public corporation for architectual and engineering fees incurred in connection with said construction and the plans and specifications therefor, and in consideration of Foundation's subleasing said premises and the building and facilities 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 building 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 building 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 when the construction of said building and facilities has been completed, providing for the subleasing by Foundation to this public corporation of said premises including the building and facilities thereon, under which sublease this public corporation will agree to pay a rental sufficient to meet all current installment payments becoming due and required to be paid by Foundation during the term of said sublease on Foundation's indebtedness incurred in connection with the construction of said building and facilities; 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 permanent loan it is contemplated will be repayable in forty quarterly installments of approximately One H u n d r e d Twelve Thousand Five Hundred Dollars ($112,500) each with interest at an effective net interest rate of 2% per cent due each quarter on the unpaid balance; and which sublease shall contain options giving to this public corporation the right to renew said sublease for successive two year periods from July 1 of each odd-numbered year to June 30 of the next succeeding odd-numbered year by giving written notice to Foundation between the first and fifteenth day of July in each year when such renewal is to be made, until said sublease is finally terminated by the payment and liquidation of the above mentioned indebtedness; (4) to commit this public corporation to act as agent for Foundation in the supervision of construction and administration of contracts therefor and change orders thereto, and the administration and service of said indebtedness, and in making payments of and disbursements from and of funds made available by the creditor of Foundation for the purpose of said construction and acquisition of facilities; and (5) to sign, execute, acknowledge, and deliver any and all other documents and instruments deemed necessary or desirable by said Comptroller and said Secretary to accomplish the purpose herein set forth. Be It, and It Hereby Is, Further Resolved by this Board of Trustees of The Board of Trustees of the University of Illinois, a public corporation of the State of Illinois, that the bids received on September 24 and October 1, 1963, for the construction of Materials Research Laboratory, Phase II, and all rights thereunder, including but not limited to, the right to contract with the bidder, a copy of a schedule of which bids has been filed with the Secretary of this Board of