126

Special Meeting
June 14, 1958

audiology and speech correction services to beneficiaries of the Veterans Administration.

It was moved by Regent Welsh, and seconded by Regent Greenberg, that the following resolution be approved. The motion was put to vote and carried.

Authorize acceptance of repayment of note from Cable C. Newman -Farm in Frances Sheldon Estate

RESOLUTION

WHEREAS, as a part of the assets of the Frances Sheldon Trust, The Board of Regents of the University of Nebraska has received from Olga N. Sheldon, Successor-Trustee, a note, duly endorsed, in the sum of $55,000.00, payable in payments as therein provided, signed by Cable C. Newman and Garlan A. Newman, secured by a mortgage upon the following described real estate, recorded in Book 120 Mortgages, Page 87, Dawson County, Nebraska, and in Book 102 Mortgages, Page 380, Hamilton County, Nebraska:

The West Half (W1/2) of Lot Three (3), and all of Lot Four (4), in Block Fifty-Three (53) in the Original Town of Plum Creek, now City of Lexington, Dawson County, Nebraska.

The South Half (S1/2) of the southeast Quarter (SE1/4) of the Southwest Quarter (SW1/4), and the Southwest Quarter (SW1/4) of the Southwest Quarter (SW1/4) of Section Five (5); and the East Half (E1/2) of the Northeast Quarter (NE1/4) of Section Seven (7); and the Northwest Quarter (NW1/4), and the East Half (E1/2) of the Southwest Quarter (SW1/4) of Section Eight (8); and all in Township Eleven (11) North, Range Five (5), West of the 6th P.M., in Hamilton County, Nebraska; and

WHEREAS, said mortgage was duly assigned to the Board of Regents by Olga N. Sheldon, Successor-Trustee, recorded in Book 119 Mortgages, Page 647, Dawson County, Nebraska, and Book 107 Mortgages, Page 1, Hamilton County, Nebraska; and

WHEREAS, under the provisions of said promissory note, the final payment of $28,000.00 is not due until March 15, 1966, and under the option provisions, final payment may not be made on said promissory note until March 15, 1962; and

WHEREAS, the makers of said note desire to secure a new loan on said real estate and desire to make payment of said note and interest in full; and

WHEREAS under the provisions of the Last Will and Testament of Frances Sheldon, deceased, the proceeds of the trust estate and the accumulated income are required to be used by The Board of Regents of the University of Nebraska in constructing and equipping upon the down-town campus of the University of Nebraska in Lincoln, a gallery for the purpose of housing paintings, sculpture and other works of art owned by the University, the Nebraska Art Association and similar collections; and

WHEREAS, an architect has been secured for the purpose of planning said gallery, and the money due upon the said note, above described, will be required in connection with the construction of said gallery before the due date of said note;

Continued

- 123 -