University of Virginia Library

FIRST

The sum of fifty thousand dollars ($50,000.00), made
up of cash and of securities bearing not less than six
per cent (6%) interest, shall be delivered to said University
immediately upon the execution of this contract. And
after the receipt of said amount by it said University will
pay to the said Philip Percy Parrish the sum of twenty-two
hundred and fifty dollars ($2250.00) per annum during the whole
of his natural life, said amount to be paid in semi-annual
installments of eleven hundred and twenty-five ($1125.00)
dollars each, the first of these payments to be made six months
after the date of the receipt of said fifty thousand dollars
($50,000.00) by said University, if said Parrish be then
living, and the subsequent payments to be made at intervals
of six months thereafter until the death of said Philip Percy
Parrish; said annuity to cease and determine upon payment of
the last installment immediately preceding the death of said
Philip Percy Parrish, unless such death shall occur at least
three months after any appointed day of payment on account
of said annuity, in which event the current installment
of said annuity shall be pro rated as of the date of such
death.