 | Board of Visitors minutes April 25, 1896 |  |
Article 2.
In case default shall have been made in the payment of
any coupon for interest upon the said bonds, or any of them,
and such coupon shall have remained unpaid and in arrears for
the period of ninety days after demand, the principal of such,
and every such of said bonds shall thereupon become due and
payable, notwithstanding that the time limited for the payment
thereof may not then have elapsed. And in such case, or
in case default shall be made in the payment of the principal
of the said bonds, or any thereof, at maturity, and the holders
of one third of the whole amount then outstanding of the
said bonds and coupons upon which default has been made, in
writing so request, it shall be lawful for the said Trust
Company, or its successors, or for the person or persons who
shall for the time being be charged with the execution of the
trust hereby created, with the assistance of any person or
persons, and with or without, any proceeding in, or order or
decree of any court, to enter in and upon the said property
hereinbefore described, or which may then be subject to the
lien of these presents in any place or places in which the
said property, or any part thereof, may be, and to take possession
of the said property, and of all property whatsoever
which may then be subject to the lien created by these presents,
and if need be to take and carry away, the said personal
property, and to sell and dispose of all said property as
a whole or in parcels, by public auction to the highest bidder,
at the said University of Virginia, or elsewhere, at such time
or times as the said Trust Company, or its successors, shall
Trust Company may prescribe in regard to the time or times for
the payment of the purchase money thereof and the mode of securing
any deferred instalment of such purchase money; but
prior to any such sale the said Trust Company shall give public
notice thereof, and of the time and place at which the
same is proposed to be made, by advertisement thereof in one
newspaper of general circulation in each of the cities of
Charlottesville and Richmond, Va, the same to be published
for at least once a week for six consecutive weeks prior to
the date at which such sale shall be advertised to take place.
And upon any such sale the said trustee for the time
being shall make, execute and deliver to the purchaser or
purchasers of the said property good and sufficient deeds,
bills of sale, or such other further instruments as may be
requisite to transfer to such purchaser or purchasers complete
and absolute title to, and property in and to, the
said lands and other estate of whatsoever description and
every part and parcel thereof; except that in so far as the
said two parcels of land first herein conveyed and described
are concerned, such sale shall be made subject to the aforesaid
deed of trust thereon, dated July 2nd, 1875, and to the
payment of any balance remaining then unpaid upon the debt
secured in the said deed.
And it is hereby expressly declared and agreed that any
sale or sales that may be made as aforesaid shall be a perpetual
bar both at law and in equity against the Rector and
Visitors, their successors and assigns, and against any and
part thereof, by, from, through, or under the said Rector and
Visitors, their successors or assigns, save and except as to
any balance then remaining unpaid upon said lien of July 2nd,
1875, in so far as the same may then bind said real estate;
and after deducting from the proceeds of any such sale the
amount of all reasonable proper expenses and charges which may
be made or incurred by the said Trust Company in taking, acquiring,
or retaining possession of the said property, or any
portion thereof, or in managing or controlling or transporting
the same, or in preparing for, making and completing such sale
or sales, and making conveyances to the purchasers, as well as
the compensation allowed by the laws of Virginia to a trustee
who sells, the trustee shall apply the purchase money and proceeds
of such sale ratably and equally amongst all the holders
of the bonds and past due coupons and interest herein secured
except, and taking care that, if any of the holders of the said
bonds have not received so much interest from the said Rector
and Visitors as others, such bondholders shall, first, and before
any distribution is made, be paid so much as will place
them on an equal footing with the other bondholders; after
which all shall share alike, without discrimination or difference
as between principal and interest. And if after the
payment in full of the principal and interest accrued upon
each and all of the said bonds, a surplus of the proceeds of
such sale or sales shall remain in the hands of the said Trust
Company, it shall pay such surplus to the said Rector and Visitors,
or their assigns, or as any court of competent jurisdiction
shall lawfully direct.
And it is hereby expressly declared and agreed that the
said Trust Company, or its officer, or agent, or attorney,
acting for it may, in its or his discretion, adjourn any sale
which they may make at the time and place appointed for such
sale, and if so adjourned, such sale may be made at the time
and place at and to which the same shall have been adjourned,
and without further notice thereof.
And it is further declared and agreed that the receipt
of the Trust Company, or of its officer, or agent, who shall
make such sale, or cause the same to be made, shall be a sufficient
acquittance to the purchaser of the prorerty which
shall be sold as aforesaid for the purchase money-, and such
purchaser shall not, after paying such purchase money and receiving
such receipt, be liable in any way to see to see to
the application of such purchase money upon, or for, the trust
purposes by these presents provided for, no shall he be liable
for any loss, or misapplication or non-application of such
purchase money in part or in whole.
And it is further declared and agreed that upon any sale
made under, or by virtue of these presents, the bonds intended
to be secured hereby, and all overdue coupons thereupon, shall
be received in payment of the purchase money for any property
sold at such sale as equivalent to so much of the said purchase
money as would be payable upon such bonds and overdue coupons.
| Board of Visitors minutes April 25, 1896 | |