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RESOLUTION REGARDING ALUMNI ASSOCIATION EXERCISE OF OPTION ON BRUNTON PROPERTY
 
 
 
 
 
 
 
 
 
 
 
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RESOLUTION REGARDING ALUMNI ASSOCIATION EXERCISE OF OPTION ON
BRUNTON PROPERTY

As of September 19, 1985, the Alumni Association of the University of Virginia entered into an option agreement with Laura S. Brunton and Laurence A. Brunton. That option agreement covered real estate situated in the City of Charlottesville, Virginia, located at 581 Brandon Avenue and known as part of Lot 6, City Tax Map 11, Parcel 94. The University Administration has decided that it would be in the best interests of the University for the Alumni Association to exercise the option.

  • The following resolution was adopted:
  • RESOLVED that the Vice President for Business and Finance be, and he hereby is, authorized to enter into a contract with the Alumni Association of the University of Virginia which should, among other things, provide for:
    • (1) The exercise, by the Alumni Association, of the option, dated as of September 19, 1985, between the Alumni Association and Laura S. Brunton and Laurence A. Brunton, covering the real estate situated in the City of Charlottesville, Virginia, located at 581 Brandon Avenue and known as part of Lot 6, City Tax Map 11, Parcel 94.
    • (2) A loan by the University to the Alumni Association of $115,000 to cover the cost of acquiring the property;
    • (3) Examination of title by the Alumni Association and approval of any objections to title by the University;
    • (4) The closing of the purchase by the Alumni Association; and
    • (5) The agreement by the Alumni Association to convey the property upon the request of the University to the University, it designees or assigns.

  • 2889

  • RESOLVED FURTHER that the University lend $115,000, interest free, to the Alumni Association of the University of Virginia for use by the Alumni Association to accomplish the purchase and acquisition of the above-described property;
  • RESOLVED FURTHER that the University be, and it hereby is, authorized to reimburse the Alumni Association for expenses incurred by it in the acquisition and management of the property;
  • RESOLVED FURTHER that the Vice President for Business and Finance be, and he hereby is, authorized to execute the contract between the University and the Alumni Association and to instruct the Alumni Association to exercise the option.