Proceedings of the Board of Regents (1963-1966)

JUNE MEETING, 1964

367

b) Default in the observance or performance of any other agreement of the
University herein set forth, and the continuance thereof for thirty days after
notice thereof to the University from the Bank;
c) Any representations or warranties made by the University herein or any
representation or warranty made by the University in any report, statement,
schedule, or certificate furnished to the Bank pursuant to this Agreement, prove
untrue in any material respect.
SECTION 15
Remedy on Default
In case of an event of default, as defined in Section 14, which shall continue
for a period of thirty days after written notice thereof is given to the University
by the Bank, the Bank may:
a) Proceed to enforce its rights either by mandamus or other remedy provided
by law, to compel the University to perform each and every covenant herein contained, or by injunction, or other remedy provided by law, to prevent the University from performing any act in violation of said covenants.
b) Designate a general manager to take charge of and manage said Project;
and when the Bank shall do so, the University agrees to appoint the person so
designated as such manager with all the power and authority it can lawfully confer
to control and regulate the operation of said Project, the conditions of service, and
the charges to be made therefor. The University agrees to comply with and enforce
all orders and requirements of such general manager subject only to such reasonable
rules and regulations it must make for the general welfare of the students of The
University of Michigan.
c) Secure the appointment of a Court of competent jurisdiction of a receiver
to take charge of, maintain and operate said Project under the jurisdiction of
the Court.
Such rights and remedies shall be cumulative, and any two or more thereof
may be exercised by the Bank successively from time to time.
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 16
Miscellaneous
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 loan to maturity or
to a date fixed for 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 provision, sentence, 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 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 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 the National Bank of Detroit has caused these
presents to be executed on its behalf by a Vice-President, attested by its Assistant