Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 259]

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256

BOARD OF TRUSTEES

[March 30

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 $10,000.00 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 retained by Purchasers under the terms of the presently existing lease of said premises until final closing or termination of the contract of sale; (D) Purchase price to be paid in full 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 Purchasers 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 lien 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. 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: North 42 feet of South Vi of Lot 24 of Campbell and Kelly's Addition to the City of Urbana, Champaign County, Illinois. O n motion of Mr. Williamson, the sales of these properties at the prices recommended were authorized, and each of the four foregoing resolutions was adopted by the following vote: Aye, M r . Bissell, Mr. Herrick, M r s . Holt, Mr. Livingston, Mr. Megran, Mr. Nickell, Mr. Swain, M r s . Watkins, M r . Williamson; no, none; absent, Mr. Johnston, M r . Stratton.

PURCHASE OF PROPERTY AT 1 0 0 7 WEST NEVADA STREET, URBANA

(2) The Director of the Physical Plant and the Comptroller recommend the purchase of the property at 1007 West Nevada Street, Urbana, at a price of $28,600. This is a lot 65 feet x 147.3 feet or 9,574.5 square feet, and a seven-room frame house, the latter being in excellent state of maintenance and can be used either for staff housing or for University offices until the land is needed for buildings or other campus development. It is the only remaining privately-owned property in that particular area of the University's future land acquisition program. I recommend that this purchase be authorized and that an appropriation of $28,600 be made for this purpose from the General Reserve Fund. O n motion of Mr. Bissell, the purchase of this property at the price recommended was authorized, an appropriation of $28,600 was made from the General Reserve F u n d for this purchase, and the Comptroller and the Secretary of the Board were authorized to execute the necessary documents for the acquisition of the property. These actions were taken by the following vote: Aye, Mr. Bissell, M r . Herrick, M r s . Holt, M r . Livingston, Mr. Megran, M r . Nickell, M r . Swain, M r s . Watkins, M r . Williamson; no, none; absent, M r . Johnston, M r . Stratton.