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II. DISPOSITION OF REAL PROPERTY IN THE ENDOWMENT

1. Before disposing of real property, two appraisals will be obtained and the University will obtain expert advice as to whether the property should be disposed of, and for assistance in the University's development of a written plan for disposition of the property. This plan will examine different alternatives (including, e.g., sealed bids, public auction, listing with realtors, and negotiation) and their suitability for the proposed disposition. The plan, as it may be revised from time to time, will accompany the recommendations that follow.

2. The recommendation of the Vice President for Business and Finance, with the advice of the Legal Adviser, will be submitted to the President for approval.

3. The President's recommendation, if to dispose of the property, will be submitted to the Finance Committee of the Board for its review and recommendation to the Board of Visitors for approval.

4. The University's acceptance of any offer for the purchase of the property shall be contingent upon review by the Division of Engineering and Buildings and approval by the Governor. Any offer which the University accepts for the purchase of the property shall be reviewed by the Division of Engineering and Buildings and approved by the Governor. Any deed executed by the University shall be submitted for review by the Division of Engineering and Buildings and for approval by the Governor, pursuant to Section 23-77.1 of the Code of Virginia.