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AUTHORIZATION FOR THE VICE PRESIDENT FOR BUSINESS AND FINANCE TO EXECUTE A CONTRACT BETWEEN THE UNIVERSITY AND THE ALUMNI ASSOCIATION TO EXERCISE AN OPTION ON THE FONTAINE AVENUE PROPERTY
 
 
 
 
 
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AUTHORIZATION FOR THE VICE PRESIDENT FOR BUSINESS AND FINANCE
TO EXECUTE A CONTRACT BETWEEN THE UNIVERSITY AND THE ALUMNI
ASSOCIATION TO EXERCISE AN OPTION ON THE FONTAINE AVENUE PROPERTY

Pursuant to an agreement, dated March 4, 1986, the Alumni Association of the University of Virginia purchased two option agreements dated March 1, 1985 with (1) Stuart F. Carwile Trustee of South 29 Land Trust and Ivy Land Company and (2) Sariandale Corporation. Those option agreements covered real estate situated in the County of Albemarle, Virginia, located on Fontaine Avenue and shown as Parcels 17B and 17B1 on County Tax Map 76. The University Administration had 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 two options, dated March 1, 1985 between Carr Realty Management & Sales, Inc. and (1) Stuart F. Carwile Trustee of 29 South Land Trust and Ivy Realty Company and (2) Sariandale Corporation, covering the real estate situated in the County of Albermarle, Virginia, located on Fontaine Avenue shown as Parcels 17B and 17B1 on County Tax Map 76;
  • (2) A loan by the University to the Alumni Association of $3,035,000 to cover the purchase of the properties;
  • (3) Examination of the 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
  • (6) The agreement by the Alumni Association to convey the properties upon the request of the University to the University, it designees or assigns.
  • RESOLVED FURTHER that the University lend $3,035,000, 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.