 | Board of Visitors minutes March 21, 1944 |  |
CHI PHI FRATERNITY-REQUEST FOR SUSPENSION OF PAYMENTS ON LOAN, ETC.
The President presented a letter from Harry Frazier, Jr., representing the Chi Phi Fraternity,
with respect to its loan from the University, payable, principal and interest on the installment plan, the
principal of which is now $10,869.12, requesting that the Chapter be permitted to refinance the loan on
the following terms and conditions:
That the principal of the new proposed loan be $10,869.12 which represents the now outstanding
first mortgage.
That no moneys be paid to reduce the principal for a period of three years. If however,
during the first three years moneys would be available the fraternity would have the right to make
payments.
That interest will be paid semi-annually. If, however, it is impractical for the students
to meet these various interest payments that the right will be given them over a three year period to
add the unpaid interest to the last maturing principal amount, provided that they can show that their
income was not sufficient to meet these payments.
It was voted that suspension of principal payments be granted, but not forgiven to March 1, 1945.
| Board of Visitors minutes March 21, 1944 | |