Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 1274]

EXTRACTED TEXT FROM PAGE:

1266

BOARD OF TRUSTEES

[June 22

and the Lessor hereby gives and grants to the Lessee the right and option of renewing this lease for successive two year periods until the year 1974 and thereafter for a one year period until the day of , 1975- It is further agreed that unless the Lessee notifies the Lessor at least sixty days prior to the expiration date of the primary term or of any two year period thereafter while this lease, by its terms or by successive extensions thereof shall be in effect, of its intention not to renew the same, this lease shall be automatically renewed for the next succeeding two year or one year period, as the case may be. SECTION 3. The Lessee, in consideration of the leasing aforesaid and in further consideration of the Lessor's covenants and agreements herein contained, hereby covenants and agrees to pay to the Lessor as rent for said demised premises (a) the sum of $100 in advance for the period beginning on the date of the execution hereof and ending on the day of the date on which the construction of said Residence Hall and Apartment Building as hereinafter provided shall be completed, but not later than June 30, 1954, and (b) after completion or from and after said date, whichever is earlier, further agrees to pay as rent during the balance of the two year period then in effect and during each two year period subsequent thereto in which this lease shall be in effect by virtue of renewals thereof, effected as aforementioned, the sum of $, payable in semi-annual installments of $ each on the 10th day of and in each year. It is agreed that the semi-annual rent is to be assigned or pledged as security for the obligations of the Lessor incurred by it in accordance with the provisions of Section S hereof, and such assignment or pledge shall only be effective upon delivery of an executed counterpart thereof to the Lessee, and thereafter all payments of said rentals shall be made to said assignee or the pledgee at such place as it may, in writing, direct. SECTION 4. The Lessor, in consideration of the rents herein reserved and of the covenants and agreements herein mentioned to be kept and performed by the Lessee, does hereby transfer, assign and set over to the Lessee all of its right, title and interest in and to each of the respective existing leases, whether oral or written, demising and leasing any part or portion of the present buildings on the premises described in Parcel B, together with all rent due and payable under said leases on the day of , 1950, and all rents under said leases which shall become due and payable thereafter. It is further agreed that the Lessee shall have the sole right to manage and operate the demised premises and be entitled to sublet any or all of the demised premises and to collect all rentals and receive and retain under its control all income derived or accruing from the use of any part of the demised premises, and the Lessee agrees to pay all expenses of operation of said demised premises and the expenses of heat, light, power, water, janitor services and maintenance of the demised premises and all other expenses incident to the operation thereof; provided, however, that all rents so collected during the period of remodeling shall be by the Lessee used and applied, so far as the same may extend and be remaining after payment of expenses as in this Section provided, toward the cost of remodeling, reconditioning and improving the buildings to be retained now standing on Parcel B. SECTION" 3. The Lessor agrees to construct and erect and fully equip upon Parcel A the aforesaid Residence Hall and upon Parcel B the aforesaid Apartment Building, and further agrees, upon terms and conditions satisfactory to Lessee, to procure and provide, by and through its own obligations and at its own expense, all financing and funds necessary to complete the construction and erection of said buildings, to furnish said buildings, pay all architects' fees, including all advances made by the Lessee for that purpose, and any additional cost of remodeling the buildings to be retained now standing on Parcel B. It is further understood and agreed that said Residence Hall shall be constructed in accordance with plans and specifications prepared by Messrs. Naess &. Murphy and that said Apartment Building shall be constructed in accordance with plans and specifications prepared by Messrs. Skidmore, Owings & Merrill, and that all such plans and specifications and the letting of all contracts for the construction, equipment and remodeling of said buildings and purchase of equipment and all payments for any and all such work to