Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 530]

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UNIVERSITY OF ILLINOIS

DENTAL, MEDICAL, AND PHARMACY BUILDING U N I T NUMBER T W O

627

T h a t part of Lot T h r e e (3) in Codwise's Subdivision of the West Half ( W J ^ ) of the Southeast Quarter ( S E J 4 ) of Section 18, Township 39 North, Range 14 East of the Third Principal Meridian (except I chain and 37 links along the West side) described as follows: Beginning at the Southwest corner of South Wood Street and West Polk Street, and running thence West along the South line of said West Polk Street a distance of 193.69 feet; thence South parallel with the West line of said South Wood Street a distance of 152 feet; thence East parallel to the South line of said W e s t Polk Street a distance of 85.69 feet; thence South parallel with the West line of said South Wood Street a distance of 18.60 feet; thence East parallel with the South line of said West Polk Street a distance of 108 feet to the West line of said South W o o d Street; and thence N o r t h along the West line of said South Wood Street a distance of 170.60 feet to the point of beginning; in the City of Chicago, Cook County, Illinois. This bond is payable solely, both as to principal and interest from the revenues derived from the operation of said revenue producing buildings constructed, completed and equipped with the proceeds of this bond issue, and this bond and the series of which it forms a part do not constitute an indebtedness of said University of Illinois or the State of Illinois within any constitutional or statutory limitation, and neither the taxing power nor the general credit of said University or of the State of Illinois is pledged to the payment of this bond or the interest thereon. This bond shall pass by delivery unless it is registered as to principal in the name of the holder on the books of registration of said University kept at the office of the Comptroller of said University, such registration to be noted on the back hereof. After such registration no transfer hereof shall be valid unless made on such books by the registered holder in person or by attorney duly authorized in writing and similarly noted hereon, but this bond may be transferred in like manner to bearer, and thereupon transferability by delivery shall be restored and it may again from time to time be registered or transferred to bearer as before. Such registration, however, shall not restrict the negotiability of the coupons hereto appertaining, but such coupons shall be transferable by delivery merely and payable to the bearer hereof. This bond and all other bonds of this issue shall have all of the qualities of negotiable instruments, and during such time as this bond is payable to bearer, the same and each of the coupons hereto appertaining may be negotiated by delivery by any person having possession thereof, howsoever such possession may have been acquired, and any holder who shall have taken this bond while so payable to bearer or any of said coupons from any person for value and without notice shall thereby acquire absolute title to this bond or to such coupons as the case may be, free of any defenses enforceable against any prior holder and free from all equities and claims of ownership of any such prior holder, and the said University and any paying agent may deem and treat the bearer of this bond, or, if registered, the person in whose name it is registered and the bearer of any interest coupons appertaining hereto as the absolute owner thereof for all purposes. Said University of Illinois hereby covenants with the holder of this bond that it will keep and perform all the covenants and agreements in the resolution adopted by the Board of Trustees of said University of Illinois, authorizing the issuance of this bond and the series of which it forms a part, and hereby irrevocably obligates itself to administer the said income and revenue derived from the operation of said buildings, as provided for in and by said resolution, and to establish from time to time rents, charges and fees for the use of said buildings and to maintain and collect rents, charges and fees sufficient to pay the reasonable cost of operating, maintaining, insuring and repairing of said buildings, and pay the principal of an interest upon all revenue bonds which by their terms are payable from such revenues, until all of such bonds have been paid in full, both as to principal and interest.