| |
| |
Caption: Board of Trustees Minutes - 1950
This is a reduced-resolution page image for fast online browsing.
EXTRACTED TEXT FROM PAGE:
400d BOARD OF T R U S T E E S [May 21 notice from the Lender, then, and in either of such events, the Lender may, at its option, at any time thereafter prior to the disbursement of the loan, terminate this agreement, whereupon all obligations of the Lender hereunder shall cease and determine; provided, however, that notwithstanding such termination, the Foundation shall pay to the Lender all of the items set forth in Paragraph IS hereof, which items, until paid, shall be secured by said Indenture and which Indenture shall not be released, notwithstanding the termination of this agreement, until each and all of said items shall have been paid to the Lender, or to the Trustee under the Indenture, as the case may be, by the Foundation. 17- It is contemplated that the six-story building will be substantially completed and ready for occupancy prior to the substantial completion, ready for occupancy, of the three-story building. It is the intention of the parties, in such event, to endeavor to make an arrangement, mutually satisfactory to all of the parties, to make a partial disbursement of the proceeds of the loan and defer disbursement of the balance until the three-story building shall have been substantially completed and ready for occupancy. 18. Service of notice hereunder may be had upon any of the parties by United States registered mail addressed to the Lender at Rock Island, Illinois, to the University of Illinois, c/o Lloyd Morey, Administration Building, University of Illinois, Urbana, Illinois, and to the Foundation, c/o W. H . Butterfield, Union Building, University of Illinois, Urbana, Illinois, or addressed to such other addresses as any of the parties hereto may furnish to any of the other parties as the place for the service of notice. 19. The University of Illinois and the Foundation shall furnish, as and when requested, certified copies of resolutions acceptable to counsel for the Lender, in connection with the execution of all documents required hereunder. 20. Prior to disbursement of the loan, the University of Illinois and the Foundation shall furnish evidence satisfactory to the Lender that said buildings have been fully paid for, free and clear of mechanics' liens and claims therefor. 21. The Foundation, prior to disbursement of the loan, shall furnish a letter in form satisfactory to the Lender, agreeing to purchase, affix to the Trust Indenture and pay for United States documentary stamps covering the issuance of the Bonds, in case such stamps should be required by law. In witness whereof, the parties have caused this agreement to be executed by their duly authorized officers in that behalf and their respective corporate seals to be hereunto affixed the day and year first above written. T H E BOARD OF T R U S T E E S OF UNIVERSITY OF ILLINOIS, By ATTEST : H . E. CUNNINGHAM KENNEY E. WILLIAMSON THE President Corporate Seal UNIVERSITY OF ILLINOIS FOUNDATION, By H . B. MEGRAN Secretary ATTEST: J A M E S C. COLVIN President Corporate Seal MODERN WOODMEN O F AMERICA, By E. J. BuLLARD President Corporate Seal ROYAL NEIGHBORS OF AMERICA, By CECILE M. ADAMS Secretary ATTEST: H . L. R U F F Secretary Deputy Supreme Oracle Corporate Seal Supreme Recorder ATTEST : MARGARET W A L K E R
| |
