University of Virginia Library

MADISON HALL LEASE

The Rector presented for consideration the proposed 50-year lease between the YMCA and the
University covering Madison Hall, owned by the YMCA, which was discussed at the 13 June 1959 meeting
of the Board. A detailed report with respect to the suggested lease, dated 23 September 1959, prepared
by Mr. Vincent Shea, Comptroller, had been sent to all the members. A further discussion was
had particularly with respect to the acceleration clause, based upon the consumer price index desired
by the YMCA, as set forth fully in the Comptroller's report. That report points out that changes had
been made in the lease first discussed in that the lease now contains a provision giving to the
University the privilege of cancelling the lease upon the expiration of any five-year rental period by
giving 90 days' written notice to the YMCA. While this provision may not furnish full protection to
the University in the contemplated expenditure of considerable sums in the repairing of Madison Hall,
it was further noted that the YMCA Board spends all of its funds on a program for the students of the
University, so that whatever rental is paid to the YMCA will be used in the interests of this
institution.

The following resolution was adopted

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia that
the President and the Secretary be and they are hereby authorized to execute and deliver, on behalf
of the University, a lease with the YMCA Board for Madison Hall in the form prepared by Mr. Hardy
Dillard of the Law Faculty, and approved by counsel for the University.