Repository: UIHistories Project: Board of Trustees Minutes - 1978 [PAGE 99]

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88

BOARD OF TRUSTEES

[September 15

paign, serves the students of Sherman Mall. This lot is L-shaped, and the exchange will make it rectangular, providing for more efficient parking. T h e fraternity will benefit from the exchange by increasing the width of its west property line, resulting in greater access for parking and increased parking capacity.

Resolution Authorizing Exchange of Part of University Property at 906 South Fifth Street, Champaign, Illinois, for Part of Acacia Fraternity Property at 501 East Daniel Street, Champaign, Illinois

Be It, and It Hereby Is Resolved by the 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 University be, and they hereby are, authorized for, and in the name of, and on behalf of, this University to enter into an agreement with H E T H C H A P T E R O F ACACIA F R A T E R N I T Y , a not-for-profit corporation of the State of Illinois, hereinafter referred to as "Acacia," providing for the conveyance to University of title to that portion of the property located at 501 East Daniel Street, Champaign, Illinois, described as follows: The West thirty-three and three-tenths (33.3) feet of the South thirty-six and twenty-five hundredths (36.25) feet of Lot Three (3) in Block Two (2) of A. T. Hall's Addition to the City of Champaign, situated in the City of Champaign, in the County of Champaign, and State of Illinois, and which tract is hereinafter referred to as "Tract B," in consideration of the conveyance by University to Acacia of that portion of the property located at 906 South Fifth Street, Champaign, Illinois, hereinafter described and referred to as "Tract A," and upon the following terms and conditions: 1. Title shall be conveyed by each party to the other by Warranty Deed in fee simple free and clear of any and all liens and encumbrances. 2. Any taxes or assessments that become a lien on the properties to be exchanged on or before the date of the exchange shall be paid by the respective grantor. 3. University shall furnish Acacia with an owner's title policy on Tract A in the sum of six thousand dollars and Acacia shall furnish University with an owner's title policy on Tract B in the sum of six thousand dollars. 4. Title to and possession of Tract A and Tract B shall be exchanged on or before October 3 1 , 1976. 5. Such other terms and conditions as said Comptroller and Secretary may deem necessary or desirable. Be It Further Resolved that upon compliance with the terms of said agreement by Acacia, 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 University, 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 Acacia title to the property hereinabove referred to as Tract A and described as follows, viz.: The North Thirteen (13) feet of the South Forty-nine and Twenty-five Hundredths (49.25) feet of Lot Four (4) in Block Two (2) of A. T. Hall's Addition to the City of Champaign, situated in the City of Champaign, in the County of Champaign, and State of Illinois.

The student advisory vote was: Aye, Mr. Conlon, Mr. Matthews, Mr. Volgman; no, none. On motion of Mr. Forsyth, the foregoing resolution was adopted by the following vote: Aye, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr. Lenz,