Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 313]

EXTRACTED TEXT FROM PAGE:

3io

BOARD OF TRUSTEES

[April 27

( B ) This Corporation to furnish Purchasers a merchantable abstract of title 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: Lot Nineteen (19) in Lewis S. Colbert's Replat of Lots 119, 120, 121 and part of Lots 115 and 118, in Highland Place Addition to the City of Champaign, situated in the City of Champaign, in the County of Champaign, in the State of Illinois. Resolution WHEREAS, Bruce L. Hicks and Jean T. Hicks, his wife, of Urbana, Illinois, hereinafter termed "Purchasers," have offered to purchase the hereinafter described property known as 707 South Webber Street, Urbana, 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 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 merchantable abstract of title 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 the Purchasers within six months from the date the contract is executed, the contract shall become ineffective, null and void. ( F ) T h e 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 ma> 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