 | Board of Visitors minutes October 6, 1906 |  |
—Article 7.—
And the said Rector and Visitors do hereby further covenant
to and with the said Trust Company and to and with the
said parties of the third part, that they, the said Rector
and Visitors, will keep the said buildings upon the said University
premises, or the more important portion of them, insured
in one or more reputable fire insurance companies for
the aggregate sum of not less than one hundred and fifty thousand
dollars until such time as the aggregate amount of the
principal of the bonds herein secured shall be reduced below
said sum of $150,000; after which time an amount of insurance
at least equal to the principal of all said bonds outstanding
shall be sufficient, and all policies for such insurance shall
be drawn or assigned so that loss, if any accrue thereunder,
shall be payable to said Trust Company, or its successors as
trustee for the further security and indemnity of the said
parties of the third part; and the said Rector and Visitors
may, by and with the consent in writing of said Trust Company,
or the acting trustee first obtained for that purpose, expend
any amount or amounts, or a part thereof, realized from any
such loss, in rebuilding and replacing the buildings and structures
from the destruction of which the loss accrued.
| Board of Visitors minutes October 6, 1906 | |