xt7nk931365v https://exploreuk.uky.edu/dips/xt7nk931365v/data/mets.xml Lexington, Kentucky University of Kentucky 19560220 minutes English University of Kentucky Contact the Special Collections Research Center for information regarding rights and use of this collection. Minutes of the University of Kentucky Board of Trustees Minutes of the University of Kentucky Board of Trustees, 1956-02-feb20-ec. text Minutes of the University of Kentucky Board of Trustees, 1956-02-feb20-ec. 1956 2011 true xt7nk931365v section xt7nk931365v 








        Minutes of the Meeting of the Executive Committee of the Board of Trus-
tees, February 20, 1956.


        The Executive Committee of the Board of Trustees of the University of
Kentucky met in the President, s Office at 12:30 p. m. , Monday, February 20,
1956, with the following members present: R. P. Hobson, Chairman; Dr. Ralph
J. Angelucci, Louis Cox and Harper Gatton. President H. L. Donovan and Secre-
tary Frank D. Peterson met with the Committee.


        A. Luncheon.

        Luncheon was served in the Office of the President, after which members
of the Committee took up the agenda.



        B. Minutes Approved as Published.

        On motion duly made, seconded and carried, the minutes of the Execu-
tive Committee of January 20, 1956, were approved as published.



        C. Financial Report.

        Vice President Peterson made the usual financial report covering the
period July 1, 1955, through January 31, 1956. The report consisted of a hal-
ance sheet and operating statement showing realized income and appropriations
expended.

        Members of the Committee studied the report, and being advised, upon
motion duly made, seconded and carried, the report was authorized received and
filed.



        D. Agreement with Alumni Association.

        President Donovan submitted Agreement between the University and the
Alumni Association. The report was read and ordered made a part of the min-
utes.



              THIS AGREEMENT, entered into this     day of
              1956, by and between the ALUMNI ASSOGZATION OF THE
        UNIVERSITY OF KENTUCKY (hereinafter called the "Associa-
        tion") a non-profit corporation organized and existing under the
        laws of the Commonwealth of Kentucky, and the BOARD OF TRUS-
        TEES OF THE UNIVERSITY OF KENTUCKY (hereinafter called
        the "University")




 









WITNESSETH: That,



       Whereas, the Association has as its principal purpose and
objective the support and advancement of the best interests of the
University in every feasible way; and

       Whereas, both parties hereto recognize that there is a
serious and continuing need by the University both for public fi-
nancial support and for supplementary funds for many purposes;
and

       Whereas, both parties hereto recognize that the alumni
of the University are a great potential source of financial assistance
to the University, as evidenced by the experience of many other un-
iversities, but that that source has thus far been exploited to a rel-
atively slight degree; and

       Whereas, both parties hereto consider that the Association
is the logical and the best agency to which the University can look
for more effective efforts to exploit the aforementioned potential,
and is also a great potential force for generating public support for
the University; and

       Whereas, the University has long evidenced in many concrete
ways its recognition of the value of the Association to the University,
as for example, by the provision of office space for the Association on the
University, s campus without charge and the furnishing each year of
a substantial part of the funds used in the operations of the Associ-
ation; and

       Whereas, the University in its own interest wishes to con-
tinue and increase its support of the Association and thereby to en-
courage to the maximum extent loyalty to, interest in, and support
of the University on the part of all its alumni, knowing these things
can be invaluable to the growth and effectiveness of the University
of Kentucky; and

       Whereas, the Association has expressed and evidenced over
a long period of time its fundamental desire to help build a greater
University of Kentucky and now wishes to undertake a major effort
to establish an annual program of giving by the alumni to the Uni-
versity; and

       Whereas, both parties hereto wish to accord to all alumni
who may contribute five dollars or more to the University through the
Association in any year the privileges of formal membership in the
Association and a voice in its affairs for that year,

       NOW, therefore, the parties hereto agree as follows:

       ( 1) Effective as of February 1, 1956, all gifts, contributions
or donations of funds or property which may be received by the Uni-
versity from or through the Association or as a direct result of the
solicitations and efforts of the Association will be placed by the Uni-
versity in a special restricted fund of the University to be known as
the University of Kentucky Alumni Fund,




 









       (2) Any gift, contribution or donation referred to in ( 1) above
will, if accepted by the University, be used or expended in accord-
ance with and subject to any purposes or conditions specified or
placed thereon by the particular donor.

       (3) Any unrestricted gifts, contributions or donations referred
to in (1) above will be used, deposited or expended by the University
upon the recommendation of the Association, through the latter' s
Executive Committee or a special committee designated by it, for
the benefit of the University, its faculty, staff, students, facilities,
programs or activities; provided, that the University shall not be
required to make any use of the Alumni Fund which shall be contrary
to the University' s educational policy as determined by the Universi-
ty.

       (4) The University will continue to provide office space and
facilities and budgetary support for the Association, and the books
and accounts of the Association shall continue to be open to inspec-
tion and audit by the University.  To said c us tomary budgetary
support shall be added each year an amount equivalent to five dollars
for each alumnus making a cash contribution of five dollars or more
to the University for the Alumni Fund during each year, and in addi-
tion the University will pay, out of the Alumni Fund, any additional
amounts necessary to enable the Association to comply with the terms
of its contract of employment with a fund-campaign director; provided,
that the terms of such contract and the selection of such director
shall be subject to the approval of the University.

       (5) This agreement may be terminated by either party hereto
upon thirty days' notice in writing to the other party; provided, that
any funds already in the Alumni Fund at such time shall remain in
the custody of the University and be disposed of in accordance with
the terms and conditions specified by the donors thereof, or, in the
case of unrestricted gifts, in the discretion of the University.


                                BOARD OF TRUSTEES OF THE
                                UNIVERSITY OF KENTUCKY

                                By_

ATTEST:
         Secretary of the
         Board of Trustees     ALUMNI ASSOCIATION OF THE
                                UNIVERSITY OF KENTUCKY

                                By

ATTEST:
         Executive Secretary
         of the Association




 





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        Upon motion duly made, seconded and carried, the Agreement was
approved and authorized executed on behalf of the University.



        E. Appropriation for the Founders Day Program.

        President Donovan reported that the Founders Day Committee had ex-
tended invitation to approximately 140 teachers in the State of Kentucky who have
completed 45 or more years of teaching service and are still actively engaged
in teaching. He explained that the theme of the program this year was "Educa-
tion--A Concern of the People".

        President Donovan reported it was the plan of the Founders Day Com-
mittee to honor these teachers for their long and faithful service to education
and to recognize two outstanding alumni. He stated that the Committee had
planned a buffet supper and thought it desirable to invite the honorees as guests
of the institution. The President recommended appropriation from the Haggin
Fund of $200. 00 to take care of the necessary expenses.

        Upon motion duly made, seconded and carried, the Committee concurred
in the recommendation.



        F. Appropriation for Summer Cinema.

        President Donovan stated it was desirable to conduct a program of enter-
tainment on the campus during the summer session.  The College of Adult and
Extension Education suggested that Cinerama films be used. We do not have
some equipment necessary for putting on this type of program, and the President
recommended appropriation of the sum of $1, 200 to be used to buy the necessary
equipment recommended by the College of Adult and Extension Education.

        Upon motion duly made, seconded and carried, the sum of $1, 200 was
appropriated and the Comptroller was authorized to make the necessary budget
adjustment.



        G. Mayfield Soil Experiment Field Discontinued.

        President Donovan stated that he had a recommendation from Dean Welch
to turn back to the Board of Education oaf Graves County and Graves County, joint
owners, the Mayfield Soil Experiment Field. He read the following letter:


                                        January 17, 1956

        President H. L. Donovan
        University of Kentucky

        Dear President Donovan:



The Agronomy Department has reviewed the possibility of further




 






5



         work on the Mayfield Soil Experiment Field and has unanimously
         agreed that it should be turned back to the Board of Education
         for Graves County and Graves County, joint owners of the twenty
         acres of land. This tract was transferred to the Experiment
         Station February, 1913, for the purpose of maintaining an ex-
         periment field.  The Agronomy Department feels the experiment
         is completed and that there is no further need to continue the
         use of the plot. A bulletin is now being prepared which will
         summarize all of the studies conducted on this field.

         Experimental work in this region will not be discontinued be-
         cause of the abandonment of the field. Plans have been developed
         for continued studies in cooperation with county agents and farmers
         at various locations. During 1955, we conducted two fertilizer
         tests on grain sorghum and three on hybrid corn. We also had
         one soybean variety test, two alfalfa variety tests and five dark
         tobacco variety tests.

         We feel, because of the topography of the field, it would be
         difficult to revise or conduct further experiments. I, therefore,
         recommend that the field be returned to the original owners.

                                         Sincerely yours,

                            (Signed)    Frank J. Welch
                                         Dean and Director



        Upon motion duly made, seconded and carried, the Mayfield Soil Ex-
periment Field was authorized released and turned back to the original owners.
The necessary documents were authorized executed on behalf of the University.



        H. Northern Kentucky Center Site.

        President Donovan stated that there had been quite a bit of interest in
Northern Kentucky towards securing an acceptable site for the Northern Kentucky
Center now located in Covington, Ky. He said that several pieces of property
had been shown to a committee from the University and some of the interested
parties in Northern Kentucky thought that it would be possible to get the Park
Board of Covington, Ky. , to make available to the University the Devou Park
site.  It would be necessary for the Board of Park Commissioners of the City
of Covington to take appropriate action to make this site available. However,
before requesting the Board of Park Commissioners, the authorities at the
Northern Center desired some expression from the University as to whether or
not the Devou Park site would be acceptable as a location for the new Northern
Center. A plat of the Devou Park site was made available to members of the
Executive Committee.  They were also given information concerning the loca-
tion of the park site in relation to the City of Covington.

        After a general discussion, upon motion duly made, seconded and




 





I



carried, the President was authorized to advise interested parties at the North-
ern Center that the Board of Trustees would look with favor upon the Devou Park
site if made available to the University of Kentucky.



        I. Degrees to Law Students Granted.

        President Donovan reported that, at a meeting of the University Faculty
on February 13, the following students in the College of Law who have completed
all requirements for their degrees, were recommended to the Board of Trustees
for the degree of Bachelor of Laws:

               James Goslee Becker, Louisville
               Columbus Gibson Downing, Lexington
               Edward L. Fossett, Falmouth
               Henry Caywood Prewitt, North Middletown
               David Banks Sebree, Jr. , Frankfort
               James Marion Todd, Lexington
               Robert Greene Trimble, Lexington
               Carl Wilson Turner, Lexington
               John Greene Wright, Falmouth.

        President Donovan explained that it was desirable to grant the degree
of Bachelor of Laws to these students at this time in order that they might com-
plete all requirements necessary for taking the bar examination and becoming
regularly licensed lawyers in Kentucky.

        Upon motion duly made, seconded and carried, the President was au-
thorized and directed to confer upon each the degree to which he is entitled.



        J. Applied Music Fees Changed.

        President Donovan read the following letter and memorandum of Dean
White:


                                        February 10, 1956

        President H. L. Donovan
        University of Kentucky
        Administration Building

        My dear President Donovan:

               I recommend that the following schedule of fees be set
        up for applied music.




 




7



       Applied Music:

              $25. 00 per semester for one half-hour lesson per week.
                50. 00 per semester for two or more half-hour lessons
                      per week.
                 5. 25 per semester for each half-hour lesson per week
                      for each student in Applied Music, who is not
                      regularly enrolled in the University. This is in
                      addition to the usual charge for individual lessons.

              If you approve of these fees, it will abolish the fee for
       rental of practice rooms and will also abolish a laboratory fee for
       classroom instruction in music. There are some classes in which
       we have been charging the students $3 a semester. There is no
       more justification for charging a music student for classroom in-
       struction than there is to charge a chemistry student for laboratory
       instruction.

                                        Respectfully yours,

                             (Signed)  M. M. White
                                           Dean



       President Donovan explained that the request was to the effect of
lowering the fees charged for students taking applied music. He indicated
the fees at the University seemed to be somewhat higher than those charged
by other schools and recommended that the request be granted.

       Upon motion duly made, seconded and carried, the recommendation
concerning applied music fees was approved, effective September 1, 1956.



       K. Opposed--Parking Meters on Limestone and Rose Streets.

       President Donovan reported that he had information to the effect that
parking meters might be installed on the east side of Limestone Street fronting
the University and on the west side of Rose Street bordering the campus. He
recalled that a strip of land was given to the City by the Board of Trustees on
Limestone Street fronting the University for the expressed purpose of widening
Limestone Street in order to make available parking facilities on the side.
He did not feel it fair for the city to take the gift of land from the University
and install parking meters which would have the effect of penalizing students,
staff members and University visitors.

       Members of the Committee discussed the problem, and upon motion
duly made, seconded and carried, Vice President Peterson was requested to
confer with the city authorities and convey to them the opposition of the Board
of Trustees and the request that parking meters not be installed in the area
herein mentioned.




 





8



       L. Gifts.

                                        From: Keeneland Foundation--$8, 000.

       President Donovan reported that the University of Kentucky was in re-
ceipt of certified check for $8, 000 from the Keeneland Foundation, to cover
four four-year scholarships beginning with the fall term of 1956, to be known
as the Keeneland Agricultural Scholarships.  The President recommended
that the check be received and endorsed to the Kentucky Research Foundation,
to be placed in a new fund known as the Keeneland Agricultural Scholarship
Fund.

       Upon motion duly made, seconded and carried, the check for $8, 000
given to the University by Keeneland Foundation was ordered accepted, and the
President was requested to thank the Foundation for its generosity.


                                        From: Office of Vocational Rehabil-
                                               itation, Department of Health,
                                               Education and Welfare, Wash-
                                               ington, D.C. --$2, 000.

       President Donovan reported a grant of $2,000 from the Office of Voca-
tional Rehabilitation, Department of Health, Education and Welfare, Washing-
ton, D. C. , given for the purpose of defraying expenses incurred by the Uni-
versity in co-sponsoring a "Workshop on Integration of Rehabilitative Ser-
vices in Kentucky", to be held in Louisville as part of a four-day meeting April
23-26, 1956. He recommended that it be accepted.

       Upon motion duly made, seconded and carried, the grant of $2, 000
was ordered accepted, and the President was requested to thank officials of
the Office of Vocational Rehabilitation for their aid to the University' s program.


                                        From: Ruby Lumber Company, Mad-
                                               isonville, Ky. --Bunker Type
                                               Silo.

       President Donovan read a letter from Mr. Clyde Ruby, of the Ruby
Lumber Company, Madisonville, Ky. containing an offer by the Company to
give to the Experiment Station a bunker type silo to be used on the Mercer
County farm in dairy work under way at the farm. He recommended that it
be accepted.

       Upon motion duly made, seconded and carried, the bunker type silo
was ordered accepted, and the Executive Committee requested President Don-
ovan to write a letter of appreciation to Mr. Ruby.




 










                                    From: Mr. Penrose Ecton, Lexington, Ky.
                                           -- Three Farm Trailer Wagons.

       President Donovan reported that Mr. Penrose Ecton, of the Ecton Sup-
ply Company, had made available to the Experiment Station farm three trailer
wagons, and stated that there were many uses to which these wagons might be
put on the farm.  He recommended that they be accepted.

       Upon motion duly made, seconded and carried, three farm trailer
wagons presented by Mr. Penrose Ecton were ordered accepted and the Pres-
ident was requested to convey to Mr. Ecton the appreciation of the Executive
Committee and the University.


                                    From: Western Kentucky Mining Insti-
                                          tute, --Madisonville, Ky.--
                                          $250. 00.

       President Donovan presented check for $250. 00 from the Western Ken-
tucky Mining Institute, Madisonville, Ky. , and stated that the Institute wished
this money used to provide a scholarship during the second semester to a
young man from West Kentucky studying mining engineering at the University.
He recommended that the gift be accepted.

       Upon motion duly made, seconded and carried, the gift of $250. 00 from
the Western Kentucky Mining Institute was ordered accepted, and President
Donovan was requested to thank the Institution.


                                    From: Foundry Educational Foundation,
                                          Cleveland, Ohio--$1,000.

       President Donovan presented check for $1, 000 from the Foundry Edu-
cational Foundation, to be used in support of the four scholarships the Founda-
tion will furnish during the second semester. He stated that the Foundation
is supporting two scholarships in the field of Mechanical Engineering and two
in the field of Metallurgical Engineering. He recommended that the check
be accepted.

       Upon motion duly made, seconded and carried, the Executive Com-
mittee concurred in the recommendation of the President, and requested him
to write a letter of appreciation to the donors.


                                    From: Tecon Engineers Company, Frank-
                                          fort, Ky. --$93. 30.

                                          Farmers Bank and Capital Trust
                                          Company, Frankfort, Ky. ,$100. 00.

                                          Codell Construction Company,
                                          Winchester, Ky. - -$250. 00.

       President Donovan presented three checks, as follows: Tecon Engineers




 




10



Company, Frankfort, Ky., $93. 30; Farmers Bank and Capital Trust Company,
Frankfort, Ky., $100. 00; Codell Construction Company, Winchester, Ky.,
$250. 00 and stated that these checks were presented to the University for the
purpose of defraying transportation charges for the University' s debate squad
to Miami, Florida, to engage in a debate tournament. He recommended that
the checks be accepted.

       Upon motion duly made, seconded and carried, gifts as listed above
were ordered accepted, and the President was asked to write letters of ap-
preciation to the donors.


                                    From: Yeager, Ford and Warren, Cer-
                                           tified Public Accountants, Louis -
                                           ville, Ky. --$50. 00.

       President Donovan reported receipt of $50. 00 from Gordon Ford of
the Yeager, Ford and Warren firm of certified public accountants in Louis -
ville, and explained that each year this company presents a prize to a senior
student in Accounting. He recommended that the donation be accepted.

       Upon motion duly made, seconded and carried, the gift of $50. 00 was
ordered accepted, and the President was requested to thank the Yeager, Ford
and Warren firm for their kindness.


                                    From: International Minerals and Chem-
                                           ical Corporation--$5, 000.

       President Donovan presented check for $5, 000 from International Min-
erals and Chemical Corporation to be used in the Experiment Station' s coop-
erative project on soil fertility and pasture production research. He recom-
mended that the gift be accepted.

       Upon motion duly made, seconded and carried, the check for $5, 000
was ordered accepted, and the President was asked to convey to International
Minerals and Chemical Corporation the appreciation of the Executive Commit-
tee.


                                    From: Kentucky Purebred Livestock
                                          Association--$1 ,500.

       President Donovan presented check for $1,500 from the Kentucky Pure-
bred Livestock Association, to be used in cooperation with the University' s
Extension livestock program.  He recommended that it be accepted.

       Upon motion duly made, seconded and carried, the gift of $1, 500 from
the Kentucky Purebred Livestock Association was ordered accepted, and the
President was requested to write a letter of appreciation to the treasurer of
the Association.




 





I l



                                    From: Keeneland Foundation--$5, 000.

       President Donovan reported receipt of check for $5, 000 from the Keene-
land Foundation, to be used for cooperation with the Southwest Foundation for
Research and Education, located in San Antonio, Texas. He explained that the
money is to be used to finance research work of three people, headed by Dr.
Fritz Haag, in the Lexington area, and recommended acceptance.

       Upon motion duly made, seconded and carried, the members concurred
in the recommendation of the President.



                                    From: Mrs. William S. Taylor, Lexing-
                                           ton, Ky. --$110- 00.

       President Donovan presented check for $1 10. 00 from Mrs. William S.
Taylor, Lexington, Ky., and explained that Mrs. Taylor wished the money
allotted $100. 00 to the William S. Taylor Memorial Fund and $10. 00 given in
memory of the late Mrs. Arinda Ann Shelton Donovan, Doctor Donovan, s mother,
whose death occurred in December, 1955.  The President expressed apprecia-
tion of the tribute paid by Mrs. Taylor to his mother, and stated, also, that
the William S. Taylor Memorial Fund would always be a living memorial to a
much-loved man.  He recommended that the check be accepted.

       Upon motion duly made, seconded and carried, the check for $110. 00
from Mrs. William S. Taylor was ordered accepted, and the President was
requested to thank Mrs. Taylor on behalf of the Executive Committee and the
University.


                                    From: Keeneland Foundation--$25, 000.

       President Donovan reported that Keeneland Foundation had presented
to the University a check for $25, 000 and explained that the check represented
a grant for experiments in trace mineral studies covering the period from July
1, 1955, to June 30, 1956. He stated that the Keeneland Foundation, s con-
tinued cooperation had assisted materially in forwarding the work in trace min-
eral studies and recommended acceptance of this grant.

       Upon motion duly made. seconded and carried, check for $25, 000 from
Keeneland Foundation was ordered accepted, and the President was requested
to thank the Foundation for the gift.


                                    From: Kentucky Utilities Company --
                                           $25, 000.

       President Donovan reported that the Kentucky Utilities Company had of-
fered to the Thomas Poe Cooper Agricultural Foundation check for $25,000 to
cover the second installment of their $75,000 grant for research and develop-
ment in the field of agriculture. He explained that, according to the terms of
the original agreement, the second installment should be $20, 000, but recom-
mended that the $25, 000 be gratefully accepted.




 





iz



       Upon motion duly made, seconded and carried, the Executive Committee
concurred in the recommendation of the President, and he was requested to thank
the donors.


                                    From: Mr. Herschel Weil, Lexington,
                                          Ky. -- $200. 00.

       President Donovan presented check for $200. 00 from Mr. Herschel
Weil, Lexington, Ky., to be used for the Jonas Weil Memorial Scholarship. He
explained that this scholarship is given to a senior in agriculture with the high-
est cumulative standing for the first three years of his college career, and
recommended that it be accepted.

       Upon motion duly made, seconded and carried, the gift of $200. 00 from
Mr. Herschel Weil was ordered accepted, and the President was asked to convey
to Mr. Weil the appreciation of the Executive Committee.


                                    From: Professor W. W. Jennings, Uni-
                                          versity of Kentucky- -$25. 00.

       President Donovan stated that the University was in receipt of check
for $25. 00 from Professor W. W. Jennings, to be used to provide funds for an
essay prize in economic history.  He explained that this program was approved
in 1951, and recommended that the check be accepted and deposited in the
proper account.

       Upon motion duly made, seconded and carried, check for $25. 00 from
Professor W. W. Jennings was ordered accepted, and the President was request-
ed to thank Professor Jennings for the gift.


                                    From: Blue Diamond Coal Company,
                                          Knoxville, T enn. - - $ 1, 210.

       President Donovan stated that the University had received from the Blue
Diamond Coal Company, Knoxville, Tennessee, check for $1,210, made to the
Kentucky Research Foundation, in support of the Alexander Bonnyman Memorial
Scholarships for the second semester.  He recommended that the gift be accept-
e d.

       Upon motion duly made, seconded and carried, check for $1,210 from
the Blue Diamond Coal Company was ordered accepted, and the President was
requested to thank the donors.



       M. Injury.

       Vice President Peterson reported an injury to Douglas Roberts on August
15, 1955, while he was working on the Experiment Station Farm.  Mr. Roberts
was referred to Dr. Claude Trapp for treatment and Dr. Trapp has submitted
invoice in the amount of $10. 00, Mr. Peterson recommended that the charge




 









be paid, with the understanding that the University does not admit negligence
nor does it establish a precedent in the payment of this bill.

       Upon motion duly made, seconded and carried, the invoice for $10. 00
of Dr. Claude Trapp was authorized paid, with the understanding that the Uni-
versity does not admit negligence nor establish a precedent in the payment
of this claim.



       N. Purchase of Hulett Farm.

       President Donovan reported that Dean Welch and others were present
with a request to present to members of the Executive Committee a report of
the activities of the Experiment Station in regard to the operations of its
demonstration farms and basic experimental work in progress.  Dean Welch
presented maps and charts to illustrate the use to which the Experiment Sta-
tion has put the land now owned by the University, and requested considera-
tion of the purchase of a farm of 202 acres more or less located on the Nich-
olasville and Higsby Mill pikes, known as the Hulett Place.

       He stated that several acres had been taken from the Experiment Sta-
tion farm to permit expansion of the University and that the Experiment Sta-
tion was in need of additional land for basic research purposes. He reported
that several people had spent the past eighteen months looking at various
farms to the end of acquiring additional land for the Experiment Station. He
reported that the soil of the Hulett Place had been thoroughly tested and found
to be the type of soil that was needed for basic research purposes.  He made
a marked distinction between land to be used for farm demonstration work
and that used for basic research work.

       Members of the Board and others present joined in a general discus -
sion, and upon motion duly made, seconded and carried, the Vice President,
Business Administration, was authorized to purchase 202 acres, more or
less, located on the Nicholasville and Higsby Mill Pikes, known as the Hulett
Place, for the sum of $270, 000, payable as follows:

                     $ 70, 000--cash on delivery of deed
                     100, 000 --on January 1, 19 57
                     100, 000--on January 1, 1958,

all deferred payments to be evidenced by promissory notes, to bear interest
at the rate of one percentum, payable annually from date of deed, and to be
secured by a lien retained in the conveyance.  The purchaser shall assume
contracts with tenants, and possession of the property shall be given of the res-
idence by J