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APPROVAL OF SALE OF SEARS AUTO STORE
 
 
 
 
 
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APPROVAL OF SALE OF SEARS AUTO STORE

The following resolution was adopted:

  • RESOLVED that the appropriate officers of the University be, and they hereby are, authorized to sell, and to execute and deliver a deed conveying, land and building located in downtown Chattanooga, Tennessee, known as the Sears Auto Store and described in the attached plat for a price of not less than $385,000 with cash payment of $65,000, at closing and a 1st Deed of Trust for $320,000 for 10 years at an interest rate of 12%, based on a 15 year amortization schedule with a balloon at the end of year 10; renewable for 5 additional years at a rate of interest equivalent to the then current three year treasury bill rate plus 1%. The authorization for sale is subject to the approval of the Governor.