Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 1121]

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U N I V E R S I T Y OF

ILLINOIS

III3

Every successor Depositary appointed hereunder shall execute, acknowledge and deliver to its predecessor and also to the University an instrument in writing accepting such appointment hereunder, and thereupon such successor Depositary, without any further act, deed or conveyance, shall become fully vested with all of the estates, rights, powers, duties and obligations of its predecessor, and every predecessor Depositary shall deliver all moneys and securities, together with a record of the amount and the numbers of the outstanding bonds, to its successor; provided, however, that before such delivery is required or made, all fees, advances and expenses of the retiring Depositary shall be paid in full. Any corporation into which the Depositary or any successor to it may be merged or converted or with which it or any successor to it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Depositary, or any successor to it shall be a party, shall be the successor Depositary under this agreement without the execution or riling of any paper on the part of either of the parties hereto. SECTION 6. Nothing in this agreement expressed or implied is intended or shall be construed to confer upon any person, firm or corporation, other than the parLies hereto and the holders of the said bonds and the coupons thereto appertaining, any right, remedy or claim, legal or equitable, under or by reason of this agreement or any covenant, condition or stipulation hereof. IN W I T N E S S W H E R E O F said University of Illinois, acting by and through its Board of Trustees, has caused this agreement to be signed in its name by the President of the Board of Trustees and the Treasurer thereof and its corporate seal to be hereunto affixed and attested by the Secretary thereof, and said Chicago Title and Trust Company has caused this agreement to be signed in its corporate name by one of its Vice Presidents and its corporate seal to be hereunto affixed and attested by one of its Assistant Secretaries, all as of the day and year first above written. U N I V E R S I T Y OF ILLINOIS By President, Board of Trustees Attest: Treasurer, University of Illinois Secretary, Board of Trustees CHICAGO T I T L E AND T R U S T COMPANY As Depositary Attest: Assistant Secretary SECTION 7. Said University hereby covenants that proper books of record and account will be kept, in which full, true and correct entries will be made of all income, expenses and financial transactions of and in relation to the said StudentStaff Apartments (Second Unit), and that it will furnish to the Depositary and to the original purchasers of said bonds on or before October 1 in each year so long as any bonds remain outstanding a statement certified as correct by the Comptroller and Treasurer of the University, showing the gross operating revenues, the operating expenses, and the net revenues of said Student-Staff Apartments (Second Unit) for the twelve months' period ending on the next preceding June 30. SECTION 8. The University covenants that while any of the bonds authorized hereunder remain outstanding it will establish charges and fees for the use of said Student-Staff Apartments (Second Unit) and all of the facilities thereof adjusted so as to provide revenues at all times sufficient to pay the reasonable cost of maintaining, operating, insuring and repairing the said Student-Staff Apartments (Second Unit), to pay the interest from time to time becoming due on the said bonds from time to time outstanding, and to provide for the payment of the principal of such bonds at maturity. By Vice President