University of Virginia Library

ALPHA HOME ASSOCIATION - CHI PHI FRATERNITY

Mr. Perkins, Attorney for the University, stated to the Board that Alpha Home Association,
a Virginia corporation, to whom the lot upon which the Chi Phi Fraternity House is located was
leased by a contract dated October 12, 1923, has had a contract prepared providing for the unpaid
balance of two debts of said corporation to the University, the first of which arose out of a loan
of $20,000 made to the corporation by the University October 18, 1923, and the second out of a
loan of $4,000 made to the corporation by the University July 7, 1925, each of said debts being
evidenced by bonds of the corporation held by the University and secured by deed of trust upon
the lease of the Chi Phi Fraternity House.

Said contract contains a recital to the effect that the balance of principal and interest
due upon these two debts, together with additional sums advanced by the University for insurance
premiums and for maintenance and repair to the Fraternity House amount to $17,500.00 as
of July 1, 1949, and under said contract said corporation binds itself to amortize said indebtedness
over a period of twenty-five years at 4% interest by payment of nine monthly installments of
$123.22 each on the first days respectively of October, November, December, January, February,
March, April, May, and June of each year after date, to be paid on the first day of each said
month from October 1, 1949, through June 1, 1974.

This contract has been properly executed by Harry Frazier, Jr., President of said Alpha
Home Association, Inc., and the contract in the opinion of your Attorney is in proper form for execution
by the University.

Upon motion offered by Mr. Carrington and seconded by Mr. Garnett, it was, thereupon,
unanimously -

RESOLVED that Colgate W. Darden, Jr., President of the University of Virginia, be and is
hereby authorized and directed to execute said contract in the name and on behalf of The Rector
and Visitors of the University of Virginia and Vincent Shea, Secretary, is hereby instructed to
affix the corporate seal and attest the same.

That when said contract has been so executed, one copy thereof shall be delivered to
Alpha Home Association and another copy shall be recorded by W. Allan Perkins, Attorney for the
University, in the Clerk's Office of the Circuit Court of Albemarle County