University of Virginia Library

PURCHASE OF LAND ON JEFFERSON PARK AVENUE

The President advised the Board that, at the University's request, Mr. John B. Gordon, a
Charlottesville Realtor, had obtained an option in his own name, to purchase a parcel of land
fronting approximately 180 feet on the south side of Jefferson Park Avenue, between Lee and
Randall Streets in the City of Charlottesville, Virginia, from G. Slaughter Fitz-Hugh, J. Jason
Crigler, and Marion K. Humphreys, Jr., at a price not to exceed $53,500.00, that because of tax
consequences to them, the Grantors of the option had refused to grant an option unless the
transaction, if the option was exercised, would constitute an instalment sale, and had therefore
insisted upon a method of payment of consideration as follows: $13,375.00 cash on date set for
delivery of deed, $40,125.00, the balance to be evidenced by three purchase money notes each in
the amount of $13,375.00, bearing interest at 3% per annum payable in one, two and three years
respectively from date of delivery of deed. The purchase money notes are to be unsecured

The option expires if not exercised prior to 1 July 1962. It appeared advisable, should the
option be exercised, to obtain the authorization of the Board for the execution in the name and on
behalf of the University, of the three unsecured notes for $13,375.00 each, above referred to

After discussion, upon motion duly made and seconded, it was,

RESOLVED, that Edgar F. Shannon, Jr., President, or Vincent Shea, Comptroller, be and either
of them hereby is, authorized and empowered, to execute in the name and on behalf of The Rector
and Visitors of the University of Virginia, three promissory notes not to exceed the principal sum
of $13,375.00 each, payable to Bearer, bearing interest at the rate of 3% per annum, and payable
one, two, and three years after date, respectively, said notes to be delivered as part of the
consideration for the purchase by The Rector and Visitors of the University of Virginia of certain
property fronting approximately 180 feet on the south side of Jefferson Park Avenue, between Lee
and Randall Streets, in the City of Charlottesville, Virginia. Said notes shall be unsecured