Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 529]

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520

BOARD OF T R U S T E E S

[July 28

by the person who at the time shall be performing the duties of Chief Judge of the United States District Court for the Northern District of Illinois, Eastern Division, and application may be made upon two days' notice in writing to the parties hereto by either or both arbitrators to such Judge for such purpose. SECTION 8.06. T h e Board of Arbitrators so chosen shall immediately proceed to hear and determine all matters submitted to them, after giving to each party hereto not less than five days' notice of the time and place of meeting; and at the time and place appointed, they shall proceed promptly to hear and dispose of the matters in dispute unless in their judgment the hearing should be adjourned to a later day or days, of which adjournment like notice shall be given unless notice is waived by both parties, in which case the hearing may proceed at any earlier day. SECTION 8.07. The determination of such Board of Arbitrators acting by majority vote as to any matter so submitted to them shall be final and conclusive upon the parties hereto, and such parties shall abide by such decision and perform the conditions thereof as if the same were made a part hereof. SECTION 8.08. All expenses connected with such arbitration, including a reasonable compensation to the arbitrators, shall be borne by the Company and shall be included in its operating expenses for purposes of billing hereunder.

ARTICLE IX. TEKM

SECTION 9.01. The term of this agreement shall be for a period commencing July 1, 1949, and terminating June 30, 1981. Upon such termination the Company shall convey to the University all the Company's facilities, other than facilities comprising working capital, and all the Company's inventory of operating and maintenance materials and supplies and fuel, and upon such conveyance the University shall pay to the Company ( a ) all unpaid charges for service furnished hereunder including costs of discontinuing the business of the Company, (b) an amount equal to the cost of the Company's inventory of operating and maintenance materials and supplies and fuel, and (c) an amount equal to any redemption premium, including accrued interest, the Company is obligated to pay on indebtedness of the Company held by others than Commonwealth Edison Company. SECTION 9.02. The University shall have the right to terminate this agreement and to have such facilities conveyed to it at any time prior to its regular termination upon six months' written notice to the Company upon payment to the Company, in addition to the amounts required to be paid under Section 9.01, of an amount equal to the Company's unamortized investment in all facilities other than facilities comprising working capital. SECTION 9.03. The right of the University to have such facilities of the Company conveyed to it upon termination hereof under either Section 9.01 or 9.02 shall be subject to the prior discharge of any and all mortgage liens on such facilities, and the Company agrees, upon such termination and upon the making by the University of the payment required to be made by it, to deposit with the trustee or trustees under such mortgage lien or liens funds sufficient for the discharge thereof.

ARTICLE X. MISCELLANEOUS

SECTION 10.01. The Company shall not be liable to the University, or to others having contracts with the University pursuant to Section 3.02, for any loss or damage resulting from delay in delivery or non-delivery of all or any portion of the steam service to be furnished hereunder unless such delay or non-delivery occurs through the negligence or wilful default of the Company. The Company shall, however, in the event of any such delay or non-delivery, promptly take all reasonable steps to establish service or resume full service at the earliest practicable time. SECTION 10.02. Subject to the provisions of Section 10.01, during the term hereof the Company shall indemnify the University against all claims for damages in favor of third persons arising from the construction, installation, relocation, removal, operation or maintenance of the Company's facilities; and the Company shall reimburse the University for all damages, costs, expenses and attorneys' fees that the University may be put to or incur in defending, or by reason of, any suit brought against it for such damages; provided, however, that all expenditures