Repository: UIHistories Project: Board of Trustees Minutes - 1974 Version B [PAGE 579]

EXTRACTED TEXT FROM PAGE:

1974]

UNIVERSITY OF ILLINOIS

571

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.: Lots Three (3), Four (4), Five (S) and Six (6), Block Nine (9) of J. R. Scott's Replat of James S. Wright's Addition to the City of Champaign, situated in the City of Champaign, County of Champaign and State of Illinois commonly known as the Colonel Wolfe Site 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 lease of Tract B between UNIVERSITY and FOUNDATION shall be cancelled and terminated and UNIVERSITY shall have no further rental obligations under said lease. 2. FOUNDATION shall pay all abstracting, title fees and recording costs applicable to Tract A and UNIVERSITY shall pay all such costs applicable to Tract B. 3. Possession of Tract A shall be delivered to FOUNDATION concurrently with the conveyances of title subject to the presently existing leases all of which expire on or before August 31, 1974, and upon such delivery of possession, FOUNDATION shall be entitled to all rental payments becoming due and payable thereafter. 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 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, Warranty Deeds 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 properties, viz.: 309 HESSEL BOULEVARD, CHAMPAIGN, ILLINOIS : Lot Thirty-Six (36) in Lewis S. Colbert's Replat of Lots One Hundred Nineteen (119), One Hundred Twenty (120), and One Hundred TwentyOne (121), and part of Lots One Hundred Fifteen (IIS) and One Hundred Eighteen (118) in Highland Place Addition to the City of Champaign, situated in the City of Champaign, in the County of Champaign and State of Illinois. 412 HESSEL BOULEVARD, CHAMPAIGN, ILLINOIS : Lot Four (4) in Lewis S. Colbert's Replat of Lots One Hundred Nineteen (119), One Hundred Twenty (120), and One Hundred Twenty-One (121), and part of Lots One Hundred Fifteen (115) and One Hundred Eighteen (118) in Highland Place Addition to the City of Champaign, situated in the City of Champaign, in the County of Champaign and State of Illinois. 508 NORTH PROSPECT AVENUE, CHAMPAIGN, ILLINOIS: Lot Four (4) in Washington Heights, an Addition to the City of Champaign, Illinois, situated in the City of Champaign, in the County of Champaign and State of Illinois. 510 NORTH PROSPECT AVENUE, CHAMPAIGN, ILLINOIS : Lot Five (5) in Washington Heights, an Addition to the City of Champaign, Illinois, situated in the City of Champaign, in the County of Champaign and State of Illinois.