Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 257]

EXTRACTED TEXT FROM PAGE:

254

BOARD OF TRUSTEES

[March 30

the name, and in behalf of, this Corporation to enter into an agreement with said Purchasers providing for the sale and conveyance to them of the hereinafter described property upon the following terms and conditions: ( A ) At a sale price of $10,750.00 with customary adjustments to be made therein for taxes, insurance, and abstracting costs; ( B ) This Corporation to furnish Purchasers a Title Guaranty Policy in the full amount of the purchase price and pay for the required Federal Revenue stamps; ( C ) Possession to be delivered to Purchasers at the time final payment is made; ( D ) A deposit of $500.00 to be made by the Purchasers at the time the Contract of Sale is executed and the balance of the purchase price to be paid at the time of delivery of the deed and not later than six months after the date the contract is executed; ( E ) The title to be conveyed to be subject to special assessments becoming a lien after the date hereof, building restrictions and easements of record; ( F ) Such other terms and conditions as said Comptroller and Secretary may deem necessary or desirable. Be It Further Resolved that upon compliance with the terms of said agreement by Purchasers, 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 Purchasers, not in tenancy in common, but in joint tenancy, title to the following described property, viz: Lot Twenty-four (24) of James Elmo Smith's East Oregon Street Addition to the City of Urbana, Illinois, being a part of the Southwest Quarter ( S W j i ) of the Northwest Quarter ( N W J i ) of Section Sixteen (16) Township Nineteen (19) North, Range Nine (9) East of the Third Principal Meridian in the City of Urbana, in the County of Champaign, in the State of Illinois. Resolution WHEREAS, George R. Beam, 9 1 0 ^ South Locust Street, Champaign, Illinois, hereinafter termed "Purchaser," has offered to purchase the hereinafter described property known as 504 South Chicago, Champaign, Illinois, upon the terms and conditions hereinafter set forth; Now, Therefore, Be It Resolved by the Board of Trustees of the University of Illinois, a public corporation of the state of Illinois, that the Comptroller and Secretary of this Corporation be, and they hereby are, authorized and directed, in the name, and in behalf of, this Corporation to enter into an agreement with said Purchaser providing for the sale and conveyance to him of the hereinafter described property upon the following terms and conditions: ( A ) At a sale price of $10,750.00 with customary adjustments to be made therein for taxes, insurance, and abstracting costs; ( B ) This Corporation to furnish Purchaser a merchantable abstract of title and pay for the required Federal Revenue stamps; ( C ) Possession to be delivered to Purchaser at the time final payment is made; ( D ) A deposit of $200.00 to be made by Purchaser at the time the Contract of Sale is executed and the balance of the purchase price to be paid at the time of delivery of the deed and not later than six months after the date the contract is executed; ( E ) In the event said property should not qualify upon government appraisal for a Government Insured Loan (either G.I. or F.H.A. at Purchaser's option) and written notice thereof is given to this Corporation by Purchaser within six months from the date the contract is executed, the contract shall become ineffective, null and void; ( F ) The title to be conveyed to be subject to special assessments becoming a lie" after the date hereof, building restrictions and easements of record; ( G ) Such other terms and conditions as said Comptroller and Secretary may deem necessary or desirable.