Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 5]

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BOARD OF TRUSTEES

[July 26

EXECUTIVE SESSION When the Board convened, an executive session was requested for consideration of the following matters of business presented by the President of the University.

SALE OF UNIVERSITY HOUSES (1) Pursuant to the plan authorized by the Board of Trustees for the sale of University-owned residence properties in Urbana-Champaign which are outside the zone of future campus expansion, the Comptroller and the Director of the Physical Plant recommend the following sales: 1. 920 West Charles Street, Champaign. University purchase price, $16,631.69; date of purchase, September, 1950; appraisal valuation, $16,000; sale price, $16,000; purchaser, Jack P. and Edith Ruina. 2.302 Hessel Boulevard, Champaign. University purchase price, $14,561.65; date of purchase, February, 1948; appraisal valuation, $i2,ooo-$i2,50o; sale price, $12,000; purchaser, William E. and Eleanor C. Schaede. I concur in these recommendations. If the Board approves these sales, the following resolutions should be adopted. Resolution WHEREAS, Jack P. Ruina and Edith Ruina, his wife, of Urbana, Illinois, hereinafter termed "Purchasers," have offered to purchase the hereinafter described property known as 920 West Charles Street, 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 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 $16,000, 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 delivered to Purchasers at the time final payment is made; (D) A deposit of $1,350, 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 ) In the event said property should not qualify upon government appraisal for a Government Insured (G.I.) loan and written notice thereof is given to this Corporation by Purchasers promptly and within six (6) months from the date the contract is executed, said deposit shall be refunded to Purchasers and thereupon the contract shall become ineffective, null and void; ( F ) The Title to be conveyed to be subject to special assessments, 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 239, of the Chamber of Commerce Addition, an addition to the City of Champaign, situated in the City of Champaign, in the County of Champaign, in the State of Illinois.