University of Virginia Library

COOPER, ALFRED D. SALE OF PROPERTY APPROVED:

The President recalled the fact to the Board that in the settlement of the Estate of Whitmell T.
Taliaferro, of Atlantic Highlands, New Jersey, the University has become the owner of a house and lot situated
in Glen Ridge, New Jersey, by virtue of a conveyance thereof from Alfred D. Cooper and wife, dated October
18, 1938, which conveyance was accepted by the University in satisfaction of a mortgage given by said Cooper
and wife to Mr. Taliaferro during his lifetime, which mortgage passed to the University under Mr. Taliaferro's
will; that an offer of $8,000.00 was recently received for this property through Arthur E. Marsters, Inc., a
real estate agency in Bloomfield, New Jersey, and being unable to obtain any satisfactory information as to
the true condition of the house and the actual value of the property, Mr. Frank E. Hartman was sent to Glen
Ridge to make a personal inspection of the premises and report upon the value thereof. Mr. Hartman made a
thorough examination of the property and reported that, in his opinion, the house was rapidly deteriorating
and was already in need of very extensive repairs, and that, in his opinion, the University would do well
to sell the property as promptly as possible and that $7500.00 would be a fair price thereof. Almost
immediately after Mr. Hartman's report was made we received a form of contract prepared by said real estate
agents, under which the University agrees to sell said property to Robert E. O'Donovan and Ella M. O'Donovan
for the sum of $8,000.00, of which $800.00 is to be paid in cash upon execution and delivery of the contract,
an additional amount of cash of not less than $800.00 upon delivery of deed, and the residue of purchase
money to be secured by bond and mortgage upon the property, and to be paid by the mortgagors in minimum
monthly payments of $8.00 per month per $1000.00 of original principal sum, with interest at the rate of
5% upon the unpaid balance.

After conferring with the Rector and with Mr. Hollis Rinehart, this contract was executed by
the President and has been delivered to the purchasers. A copy of said contract, which is dated August
16, 1939, is herewith presented to the Board, said copy being one of the original copies executed by the
three parties to this transaction. Among other things it will be seen that under this contract we
agree to make conveyance of said property to the purchasers on or before the 1st day of October, 1939.

A deed by which said conveyanace is made by the Rector and Visitors of the University of Virginia
to the said Robert E. O'Donovan and Ella M. O'Donovan, his wife, prepared by Messrs. Pitney, Hardin & Skinner,
our Attorneys in New Jersey, was then presented to the meeting, W. Allan Perkins, Attorney for the University,
stating that said deed, in his opinion, when properly executed and acknowledged on behalf of the University,
would convey said property to said purchasers in accordance with the terms of said contract.

It was, thereupon, RESOLVED-

• (1) That this Board approves the sale of the premises conveyed by Alfred D. Cooper and wife to
  the Rector and Visitors of the University of Virginia, by deed recorded December 21, 1938, in
  Book p-94, pp. 573-574 of Deeds for Essex County, upon the terms set out in the articles of
  agreement dated August 16, 1939, between the University of Virginia and Robert E. O'Donovan and
  Ella M. O'Donovan, his wife;

• (2) That this Board further approved the form of the deed submitted to this meeting, and dated
  September 21, 1939, between The Rector and Visitors of the University of Virginia, of the first
  

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  part, and said Robert E. O'Donovan and Ella M. O'Donovan, his wife, of the second part, by
  which said property is conveyed to said parties of the second part, and J. L. Newcomb, President
  of this corporation, is hereby authorized and empowered to execute said deed in the name and on
  behalf of The Rector and Visitors of the University of Virginia, E. I. Carruthers, Secretary
  of this Board, being hereby authorized to affix the corporate seal thereto, and to attest the
  same;

• (3) And Messrs. Pitney, Hardin & Skinner, Attorneys, of Newark, New Jersey, are hereby
  authorized and empowered to deliver said deed to said purchasers upon compliance by said
  purchasers with the terms of said contract of purchase, or if said purchasers should prefer
  to pay the whole of the purchase money, namely, $8000.00, in cash, upon delivery of said
  deed, then said Pitney, Hardin & Skinner are hereby expressly authorized to deliver said deed
  to said purchasers upon payment of said purchase price in full, less 5%, or $400.00, which is
  the commission due Arthur E. Marsters, Inc., the real estate agents through whom this sale was
  negotiated,

• (4) And said E. I. Carruthers, Secretary of this Board, is hereby authorized and empowered
  to deliver to Messrs. Pitney, Hardin & Skinner, for delivery by said Attorneys to said purchasers,
  a copy of these resolutions, certifying the same under the seal of this Corporation, attaching
  to said certified copy of these resolutions the signed articles of agreement presented to this
  meeting and hereinbefore referred to, and also the deed of conveyance presented to this meeting,
  the execution of which is hereinbefore authorized, certifying that said articles of agreement
  and said deed of donveyance are the same papers that were submitted to this meeting and
  approved by the foregoing resolutions.

An affidavit was then presented to the meeting, prepared for execution by E. I. Carruthers,
secretary, under which said Carruthers, deposes on oath, among other things, that the persons executing
the deed of conveyance are persons duly authorized by proper resolution of this Board at a proper and lawful
meeting of said Board, also that so far as he knows, title to the said property has never been questioned
or disputed, and that said title is now free and clear of all taxes and other encumbrances of any kind.
Upon consideration of said affidavit, it was, thereupon,