 | Board of Visitors minutes October 12, 1957 |  |
LAND LEASE-EXCHANGE WITH EQUITABLE REALTY CORPORATION
The attention of the Board was called to the resolution adopted at the meeting
of April 27, 1957, in which the proposed exchange was approved subject to final
approval of the documents to be drawn and presented to a future meeting
The President stated he had received from Mr. Minor a letter dated September
10, 1957, approving the form of the Deed to The Rector and Visitors from Equitable
Realty Corporation and the form of the Contract of Lease from The Rector and
Visitors to Equitable.
Copies of the Deed and Contract of Lease were presented to the meeting. The
President further stated he had been informed that the Deed to The Rector and
Visitors had been executed by all the parties and was ready for delivery, and that
the only things remaining to be done were the adoption of a resolution finally
approving the transaction and the execution of the Contract of Lease on behalf of
The Rector and Visitors.
After consideration of the copies of the Deed and Contract of Lease in the
form submitted, upon motion, duly seconded and carried, it was
RESOLVED, that it is deemed proper and for the benefit of the
University of Virginia for The Rector and Visitors of the University of
Virginia to grant to Equitable Realty Corporation a 99 year lease on a
triangular strip of land containing 505 square feet belonging to the
University of Virginia in exchange for the conveyance by Equitable
Realty Corporation to The Rector and Visitors of the University of
Virginia of the fee simple title to an adjoining triangular strip of
land containing 392 square feet, the purpose of the exchange being to
straighten the boundary line between the properties, said strips of land
to be exchanged being described in the Deed and Contract of Lease as
presented to this meeting and to be in the form of the instruments so
presented,
RESOLVED, FURTHER, that Colgate W. Darden, Jr., President, be and
he is hereby authorized and empowered to execute said Contract of Lease
in the name and on behalf of The Rector and Visitors of the University of
Virginia, and that Francis L. Berkeley, Jr., Secretary, be and he is
hereby authorized and empowered to affix the corporate seal of the
University to such instrument and to attest the same,
RESOLVED, FURTHER, that upon delivery to him of a deed from
Equitable Realty Corporation, properly executed and acknowledged by all
necessary parties, conveying to The Rector and Visitors of the
University of Virginia, the fee simple title to the triangular strip of
land, heretofore mentioned, containing 392 square feet, with general
warranty, free of all encumbrances, C. Venable Minor, Special Counsel,
be and he is hereby authorized and empowered to deliver to said Equitable
Realty Corporation, said Contract of Lease for execution by that
corporation and recordation of the same
| Board of Visitors minutes October 12, 1957 | |