University of Virginia Library

SEWARD ESTATE BONDS

Mr. Perkins, Attorney for the University, stated to the Board that upon settlement of the
estate of the late Dr. Walter M. Seward, the University received, among other securities, three
bonds of Margaret McComb Topham, Margaret Shultz McComb and David Wilkins McComb, one for $3,000,
one for $7,000, and one for $15,000, an aggregate of $25,000, all of which bonds were secured by
mortgage upon premises known as 303 Washington Street, New York City, the date of payment of said
bonds having been extended by an agreement between the makers and Dr. Seward, dated January 3, 1917,
to January 1, 1922.

Although interest had been paid regularly upon said bonds and by reason of these payments
the collection of said bonds was not barred by limitation, your Finance Committee felt that it would
be wise to have a new and formal extension agreement executed by Marcelle Hull Littell and Norris
Adams, Jr., the present owners of the mortgaged premises, and the University

With the aid of Mr. Walter V. Berwick, an associate of the law firm of Jackson, Nash,
Brophy, Barringer and Brooks, 15 Broad Street, New York 5, we have had such an extension agreement
prepared by which agreement the obligors agree and bind themselves to pay interest upon the principal
amount at 3% per annum instead of 5%, as heretofore, from July 1, 1949, and to pay the sum of $250.00
on October 1, 1949, and like sums of $250.00 quarterly thereafter on the first days of January, April,
July, and October of each year until the principal indebtedness has been reduced to the sum of
$12,000.00, at which time no further amortization shall become due, the full balance of $12,000 to
be due and payable on July 1, 1969, when the principal amount is reduced to $12,000.00 by payments
as above stated, interest shall be paid thereon at 5% until payment in full is made.

This contract has been executed by the said Marcelle Hull Littell and by Norris Adams, Jr.,
the obligors, in duplicate, and a resolution is now in order authorizing the execution of the contract
on behalf of the University.

Upon motion proposed by Judge Barksdale and seconded by Mr. Gravatt, it was thereupon unanimously
-

RESOLVED that Barron F. Black, Rector, be and is hereby authorized to execute said contract
in the name and on behalf of The Rector and Visitors of the University of Virginia, and acknowledge
the same, and Vincent Shea, Secretary of this Board, is directed to affix the corporate
seal thereto and attest the same, that both executed copies be then delivered to W. Allan Perkins,
Attorney for the University, who shall forward these copies to Messrs. Jackson, Nash, Brophy,
Barringer and Black, Attorneys, with instructions to deliver one copy to the said Marcelle Hull
Littell and Norris Adams, Jr., and to have the other copy recorded in the Office of the Register
of the County of New York, withdrawing said copy from said office after recordation and sending it
to Vincent Shea, Bursar of the University, to be by him filed and preserved in that office.