University of Virginia Library

LAND LEASE-EXCHANGE WITH EQUITABLE REALTY CORPORATION

The President presented to the Board the following letter, together with a
plat of the property discussed therein.

Honorable Colgate W. Darden, Jr.
President
University of Virginia
Charlottesville, Virginia Re. Exchange of properties with
Equitable Realty Corporation
Dear Mr. Darden

In further reference to our telephone conversation of a few days
ago in regard to the exchange of the University and Equitable Realty
Corporation, whereby Equitable Realty Corporation undertakes to convey
in fee simple to the University, a triangular piece of land lying along
the western boundary of the soccer field in exchange for a ninety-nine
(99) year lease from the University of another triangular parcel
adjoining the first, I am enclosing herewith a plat of the properties
to be exchanged, on which the property to be conveyed to the
University is designated as Parcel A and marked in blue, while the
parcel to be leased to Equitable Realty is designated Parcel B and
marked in red.

I have no doubt that you would like to have this plat with you at
the time you bring this matter before the board to obtain their
approval, in substance, to exchange subject, of course, to their giving
final approval of the necessary documents at a future meeting.

After the enclosed plat has served your purpose, I will appreciate
your returning it to me as I will need it in the preparation of the
documents in question.

Yours sincerely,
/s/ Venable
C. Venable Minor
Special Counsel
University of Virginia
CVM/t Enclosure

The Board resolved after discussion that the proposed exchange be approved,
subject to final approval of the documents as drawn by Mr. Minor and presented to
a future meeting.