Repository: UIHistories Project: Book - History of the University (Powell) [PAGE 501]

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460

History University of Illinois

That any modification, change or addition to said building shall be made on the order and instruction of the building Committee (Such change shall be made before said building is commenced) hereinafter provided for. Provided said modification change or addition shall not make the whole cost of said building Addition, etc. more than the value of the said Clark Seminary if built of brick and at the present time. That said Town lots when laid off and plotted and said Seminary when completed with the said plat of Eight (8) acres upon which said Seminary shall be constructed, shall be made a general Seminary stock or fund, each town lot representing stock at the average value of Two Hundred dollars per lot, one share of said stock being one hundred dollars And the parties of the second part for themselves and their heirs hereby covenant to and with the parties of the first part that they will on or before the first day of August 1860 obtain and deliver to the party of the first part and to and for their use a valid legal subscription list of stock to the satisfaction and acceptance of a majority of three persons one to be selected by the parties of the first part, one by the parties of the second part and an umpire to be selected by the two referees aforesaid, to the amount of forty thousand dollars And it is further mutually agreed by the parties that the said several subscribers on paying on or before the 1st February 1861 fifteen per cent on the amount of their respective subscriptions, and making and delivering to the parties of the first part three (3) promisory notes for the residue, due in equal annual payments with six per cent interest per annum from the first of Feby, 1861. The parties of the first part will permit said subscriber a stockholder to select a town lot or lots not at that time disposed of, to the amount of his said subscription at the average price aforesaid and will execute to said stockholder his heirs or Assigns a penal bond conditioned to convey by deed in fee the said lot or lots to said subscriber or his heirs or assigns, on the payment of said promissory notes. That the said Stockholders shall and may select from their number hereafter a building committee who are hereby authorized and empowered to superintend said building in its construction and to make any change modi-