University of Virginia Library

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4401

AUTHORIZATION TO LEASE UNIVERSITY'S REMAINDER INTEREST
IN KENWOOD ESTATE TO THE THOMAS JEFFERSON MEMORIAL
FOUNDATION

The following resolution was adopted:

• (Mr. Leigh B. Middleditch, Jr., abstained from voting).
• WHEREAS under the will of Frances Nash Watson the University holds a remainder interest in Kenwood, an approximately 78.5-acre tract with a main house and guest quarters including a cottage known as Roosevelt Cottage, located on Route 53 in Albemarle County (the "Kenwood property");
• WHEREAS the will restricts the University's use of the Kenwood property for "educational" and related purposes, and permits the University to sell all but 25 acres (surrounding the main house and adjacent cottages) so long as the net sale proceeds are devoted to the maintenance of the estate;
• WHEREAS the University has no present or reasonably foreseeable need to use the Kenwood property for University purposes;
• WHEREAS the life tenant, Miss Ellen Nash, wishes to make an inter vivos surrender of her life estate interest in the Kenwood property to the University, except for Roosevelt Cottage and its immediate grounds to which Miss Nash reserves her life interest;
• WHEREAS the Thomas Jefferson Memorial Foundation (the "Foundation") desires to lease the Kenwood property, exclusive of Roosevelt Cottage and its immediate grounds, from the University under an agreement that contains the following central features:
• ▾ The lease term would be a period of 20 years, subject to rolling renewals at 5-year intervals upon mutual consent of the parties for an additional term of 20 years, for annual rental payment of one dollar;
• ▾ The Foundation would be responsible for all taxes, maintenance and expenses associated with the Kenwood property, including substantial structural improvements to the main house and maintenance and utilities on the Roosevelt Cottage during and after Miss Nash's life tenancy;
• ▾ The University would retain the right to sell all but 25 acres of the Kenwood property in accordance with the will of Frances Nash Watson, with the understanding that the Foundation would be offered the right of first refusal on any such sale for the parcel's market value; and
• ▾ The Foundation would agree to use the Kenwood property for educational and related purposes consistent with the restrictions stipulated in the will;

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4402



• RESOLVED that the transactions described above be and hereby are authorized by the Rector and Visitors of the University of Virginia; and
• FURTHER RESOLVED that the University Senior Vice President and Chief Financial Officer be and hereby is authorized to execute such documents as are necessary to confirm the University's acceptance of the surrender of the life estate and its lease of the Kenwood property to the Foundation, under terms and conditions consistent with this resolution and by means of instruments and agreements deemed legally sufficient by the University General Counsel.

On motion, the meeting adjourned at 1:00 p.m.