 | Board of Visitors minutes January 21, 1939 |  |
Whitmell T. Taliaferro Estate; Re. Alfred D. Cooper bond and property transfer:
Mr. Perkins made the following report with reference to the whitmell T.
Taliaferro Estate-
The Board will recall that among other assets which came into your hands under
the will of Whitmell T. Taliaferro, deceased, was a bond of Alfred D. Cooper for $8000.00,
secured by mortgage constituting a first lien on the premises known as 328 Ridgewood
Avenue, Glen Ridge, New Jersey. You will also recall that from time to time reports have
been made showing that Mr. Cooper has been unable to meet his interest payments on this
mortgage and payments of insurance premiums and necessary maintenance charges upon the
premises.
By an agreement into, under date of October 18, 1938, between said Alfred D.
Cooper and Mres. Edna W. Cooper and the University, these parties agreed to convey this
property to the University in extinghishment of the mortgage debt, and to lease the
property from the University for the rental of $100 per month from the date of said
contract to the 31st day of May, 1939, The University to have the right, at any time,
to sell the premises and deliver posession upon giving the said Cooper and wife thirty
days written notice of such sale, the University to retain all amounts derived from such
sale up to the full amount of the total indebtedness of Mr. Cooper as of the date of sale,
including all costs and expenses of sale, and said Cooper to receive any amounts derived
from such sale over and above the sums due the University.
The total debt as of January 1, 1939, amounts to $11,400.15. It is deemed
advisable to place this property in the hands of real estate agents for sale and the
best advice we have been able to obtain would seem to indicate that a price of $12,000.00
for said property will be a fair price. Messrs. Pitney, hardin & Skinner, our attornyes
in Newark, wish us to fix a price at which we will be willing to sell the property and
at which we will authorize them to list the the property for sale with real estate
agents who may be able to dispose of it. After a full discussion the following resolution
was adopted-
RESOLVED that the Attorney for the University be and he is hereby authorized
to advise Messrs. Pitney, Hardin & Skinner, Attorneys, of Newark, New Jersey, that
the University is willing to sell the premises, 328 Ridgewood Avenue, Glen Ridge, New
Jersey, for the sum of $12,000.00, upon such terms as may be hereafter agreed upon by our
Finance Committee. And if sale is made at said price, the Rector is hereby authorized to
execute and acknowledge, in the name and on behalf of The Rector and Visitors of the
University of Virginia, a deed conveying said property to the unaser Mr. E. I.
Carruthers, the Secretary, is authorized to affix and attest the corporate seal to such
deed.
And be it further RESOLVED that the Finance Committee of this Board be
and is hereby given full authority to act in the matter of this sale, and in the
opinion of the said Committee, it is advisable to sell said property for some amount less
than $12,000.00, said Committee is hereby authorized to negotiate and conclude such sale.
| Board of Visitors minutes January 21, 1939 | |