University of Virginia Library

AS TO THE REAL ESTATE

By referring to the minutes of the meeting of this Board held on October 2, 1943, it will be
seen that Mrs. Shields had entered into a contract, dated May 31, 1940, with Southern Tung Land and
Realty Company, of Ocala, Florida, for development of said 10 acre tract and had agreed to pay said Company
a substantial sum on this account; that at the time of said meeting the sum of $1012.50 was due said
Company under said contract, and that on May 22, 1944, an additional $337.50 would fall due - a total of
$1350.00.

And a resolution was adopted by this Board at said meeting of October 2, 1943, authorizing
conveyance of the University's one-half undivided interest in said 10 acre tract to Tung Land Development
Company, in consideration of the release by that Company of its rights under the contract aforesaid. And
on October 29, 1943, a similar resolution was adopted by the Board of Visitors of The Virginia Military
Institute authorizing conveyance of its one-half undivided interest in said 10 acre tract to said Company,
upon like consideration.

Pursuant to these resolutions a deed was prepared, executed on behalf of The Virginia Military
Institute and the University, and was delivered to and accepted by said Tung Grove Development Company by
which said 10 acre tract was conveyed to said Company for the consideration above set out, said Company
uniting in said deed and releasing all of its rights under the contract of May 31, 1940.

The Virginia Military Institute and The University of Virginia still own the other two tracts
of 20 and of 40 acres, respectively, in Marion County, Florida, and it would seem advisable that some
action be taken at once looking to the future management, lease, sale or partition of these two tracts of
land.