Proceedings of the Board of Regents (1963-1966)

SEPTEMBER MEETING, 1965

1027

SECTION 9.3. The Board expressly authorizes the Bank to bring any of the
actions at law or in equity hereinbefore mentioned, and hereby waives any immunity
to be proceeded against as herein authorized, which may exist by reason of it being
a subdivision of the State Government.
ARTICLE 10
SECURITY AND IMMUNITY
SECTION 10.1. Neither the Project nor the land upon which it is built, nor
any other property of the Board, excepting only the Bond Proceeds as set forth in
Section 4.2 of Article 4, advance from the Government mentioned in Section 4.3 of
Article 4, proceeds from alternate Bonds set forth in Section 4.4 of Article 4 and
the Project Net Income mentioned in Section 4.5 of Article 4, shall be security for
or be levied upon or sold to satisfy this loan. No recourse under or upon any
obligation, covenant, stipulation or agreement contained in this Term Loan Agreement or the Note shall be had against the State of Michigan or against the corporate body known as The Regents of the University of Michigan, except the
remedies provided for in Article 9 hereof. It is further mutually agreed that no
recourse to the personal liability shall be had for redress under any of the obligations, covenants, stipulations or agreements of this Term Loan Agreement or the
Note upon, from or to any officer of the University or member of the Board,
either directly or through the University, by any legal or equitable proceedings by
virtue of any statute or otherwise, it being hereby expressly agreed that no personal
liability shall be attached to or be incurred by said officers or any member of the
Board, or any or either of them, under, or by reason of, all of the obligations,
covenants, stipulations or agreements herein contained or contained in the Note,
or implied therefrom, it being expressly understood and agreed that the Note is
secured by and payable only from the sources more particularly described in
Article 4 and that no other liability for the payment shall attach to or be incurred
by the State of Michigan, the Board or any member or officer of the Board, or its
or their successors.
ARTICLE 11
AMISCELLANEOUS
SECTION 11.1. Any notice or demand which by the provisions of this Term
Loan Agreement is required or provided to be served to or upon the Board or the
Bank, respectively, shall be deemed to be given or served for all purposes by being
sent as registered mail, postage prepaid, addressed to The Regents of the University
of Michigan. Ann Arbor, Michigan, or to National Bank of Detroit, Detroit,
Michigan, respectively, or if any other address shall at any time be designated by
either in writing to the other, to such other address.
SECTION 11.2. No course of dealing between the Board and the Bank or any
delay on the part of the Bank in exercising any rights hereunder or under the Note
shall operate as a waiver of any rights hereunder or under the Note or otherwise.
SECTION 11.3. If and when the principal and interest stipulated hereunder
shall have been paid, or the Board shall have provided for such payment by
depositing with the Bank the amount of the principal of, and interest on, the loan
to maturity or to a date fixed for payment as herein provided, then this Term Loan
Agreement shall be terminated and shall be of no further force and effect, and upon
request of the Board the Bank shall execute an instrument specifically releasing the
Board from the covenants herein.
SECTION 11.4. Should any provision, sentence, or section of this Term Loan
Agreement be held invalid for any reason, such holding shall not be construed as
affecting the validity of any remaining portion of said section or of this Term Loan
Agreement.
SECTION 11.5. This Term Loan Agreement may be executed simultaneously in
several counterparts, each of which shall be deemed to be an original, and such
counterparts, together, shall and will constitute one and the same instrument.
IN WITNESS WHEREOF, The Regents of the University of Michigan has caused
these presents to be signed by its Vice-President, attested by its Secretary, and
sealed with its corporate seal; and National Bank of Detroit has caused these
presents to be executed on its behalf by a Vice-President, attested by its Assistant
Vice-President, and its corporate seal to be hereunto affixed, all as of the.................................................. 19 6 5.