 | Board of Visitors minutes November 3, 1939 |  |
EXTENSION OF MORTGAGE CORPORATION OF NEW YORK CERTIFICATE #208,334, $19,800:
The following was adopted:
The Mortgage Corporation of New York having made application to the Supreme Court of the
State of New York, County of Kings, for an order approving a plan for the further readjustment of the
rights of holders of investments in a certain mortgage covering premises 1310 Morris Avenue, Borough
of Bronx, City and State of New York, guaranteed by Bond and Mortgage Guarantee Company, Guarantee
#208,334, in the total sum of $144,540.00, of which the University owns $19,800 in the Seward Estate,
for the extension of time of payment of the principal for a period of five years from the date of the
execution and delivery of the extension agreement, with interest to continue at the rate of 5% per
annum, payable quarterly, from April 1, 1938 to one month prior to the extended maturity date, and
at 6% per annum thereafter to the extended maturity date, and has made application to the several security
holders under the said mortgage for assent to the proposed plan, and as the proposed rate of interest is
the same as had been received during the past five years on the said investment, therefore be it
RESOLVED, by the Rector and Visitors of the University of Virginia, that assent be
given to the said extension for the payment of the principal and interest as set out above,
and that the President be and he is hereby authorized on behalf of this Board to execute
assent thereto.
The meeting then adjourned to November 4th, at 11 o'clock.
RECTOR. pro tem.
SECRETARY.
| Board of Visitors minutes November 3, 1939 | |