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Caption: Board of Trustees Minutes - 1974 Version B
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438 BOARD OF TRUSTEES [December 19 the University $1,405 for furniture and equipment located in Hott Memorial Center. If the Foundation accepts the Atkins' offer, the proceeds of sale after deducting expenses, commission, debt retirement, and other costs will be substantially equal to the value of the Green Street property received by the University. Resolution Authorizing Exchange of University Property Known As Hott Memorial Center, Monticello, Illinois, for Foundation Property Located at 905 West Green Street, Urbana, Illinois BE IT, AND IT HEREBY IS RESOLVED by T H E BOARD OF TRUSTEES OF THE UNIVERSITY OF ILLINOIS, a public Corporation of the State of Illinois, hereinafter referred to as "UNIVERSITY," that the Comptroller and Secretary of this Corporation be, and they hereby are, authorized for, and in the name of, and on behalf of, UNIVERSITY to enter into an agreement with the UNIVERSITY OF ILLINOIS FOUNDATION, a not-for-profit Corporation of the State of Illinois, with its principal office in Urbana, Illinois, hereinafter referred to as "FOUNDATION," providing for the conveyance to FOUNDATION of title to the property hereinafter described and referred to as Tract A in consideration of the conveyance by FOUNDATION to UNIVERSITY of title to the following described property which is hereinafter referred to as Tract B, viz: The North 170 feet of Lot 2 of Charles A. Besore's Subdivision of Lot 1 in Block 3 of Burpee, Curtiss and Somers Addition to the City of Urbana, Illinois, as shown by a survey and plat of said Subdivision recorded in Plat Record "A," Page 212 in the office of the Recorder of Deeds of Champaign County, Illinois, situated in the City of Urbana, in the County of Champaign, and State of Illinois. and upon the following terms and conditions: 1. FOUNDATION to convey title to Tract B, to UNIVERSITY in fee simple absolute, free and clear of all liens and encumbrances by Warranty Deed and UNIVERSITY shall convey title to Tract A-to FOUNDATION in fee simple absolute, and whereupon the presently existing leases of said premises between UNIVERSITY and FOUNDATION shall be cancelled and terminated and UNIVERSITY shall have no further rental obligations under either of said leases. 2. UNIVERSITY to assign all interest it may have in the offer received from Clinton C. Atkins to purchase Tract A to FOUNDATION and FOUNDATION shall assume and agree to pay all realtor's commissions and related costs incurred in connection therewith, and to pay to UNIVERSITY the sum of One Thousand Four Hundred and Five Dollars ($1,405.00) for the furniture and equipment now located on Tract A, and agree to pay for all abstracting, title fees and recording costs. 3. Possession of Tract A and Tract B shall be delivered concurrently with the conveyances of title and free and clear of the rights of any tenants. 4. Such other terms and conditions as said Comptroller and Secretary may deem necessary or desirable. IT HEREBY IS FURTHER RESOLVED that upon compliance with the terms of said agreement by FOUNDATION, and in accordance with the terms thereof, said Comptroller and Secretary be, and they hereby are, authorized and directed, to execute, acknowledge, and deliver, in the name, and in behalf of, this Corporation, and under its Corporate Seal, a Warranty Deed and such other documents in connection therewith as said Comptroller and Secretary may deem necessary or desirable in order to convey to FOUNDATION title to the following-described property, viz: Block Ten (10) of Rhoades' First Addition to the Town, now City of Monticello, situated in the County of Piatt in the State of Illinois, including the building known as Hott Memorial Center. and which property is hereinabove referred to as Tract A. On motion of Mr. Hahn, the foregoing resolution was adopted by the following vote: Aye, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr.
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