Proceedings of the Board of Regents (1963-1966)

1318 MARCH MEETING, 1966
The University 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.
SECTION 14
MIISCELLANEOUS
Any notice or demand which by the provisions of this Agreement is required or
provided to be served to or upon the University 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 the 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.
No course of dealing between the University 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.
If and when the principal and interest stipulated hereunder shall have been
paid, or the University shall have provided for such payment by depositing with
the Bank the amount of the principal of, and interest on. the financing to maturity
or to a date fixed for the payment as herein provided, then this Agreement shall be
terminated and shall be of no further force and effect, and upon request of the
University, the Bank shall execute an instrument specifically releasing the University from the covenants herein.
Should any sentence, provision or section of this Agreement be held invalid for
any reason, such holding shall not be construed as affecting the validity of any
remaining portion of said provision, section or of this Agreement.
This 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 W\ITNESS WHEREOF, The Regents of the University of Michigan has caused
these presents to be signed by....
of the University of Michigan, attested by its Secretary. and sealed with its corporate seal; and the 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......................
day of........................... 1966.
ATTEST: REGENTS OF THE UNIVERSITY OF MICHIGAN................................ B y................................
NATIONAL BANK OF DETROIT................................ B................................
Assistant Iice-Prcsidclt Vice-President
EXHIBIT A
NOTE
$2,500.000 Ann Arbor, Michigan............................ 1966
The Regents of the University of Michigan, a body corporate created by and
existing under the Constitution of the State of Michigan, promises to pay to the
order of National Bank of Detroit, at its main office in the City of Detroit, Michigan, the sum of Two Million Five Hundred Thousand Dollars ($2,500,000).
together with interest thereon at the following rates: (a) 314% per annum for the
first two years from the date hereof; (6) 3,/% per annum for the third and fourth
years after the date hereof; (c) 35,% per annum for the fifth, sixth and seventh
years after the date hereof; (d) 334% per annum thereafter until maturity which
shall be June 1, 1977; and (c) 4% per annum after maturity.