—250
Board Rooms, Friday, Sept. 25,1925.
n.t a called meeting of the Board the Board was
called to order by Dr. J. F. Love, Cor. Sec 'y, and in the ab¬
sence of the President, Dr. R.E. Gaines, Dr. K.H.Pitt was
asked to act as President, and
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Thorburn Clark to act
as clerk in the absence of Dr. Harris. The following mem¬
bers were present:
' Basil/fewathmey, W.G.Mahone, Hill Montague, R.H.Pitt,
S.B. Cousins, Gif1. Waite, R. A. Williams , W.H.Moore, L.H. Jenkins,
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Thorburn Clark. Also Secretaries J.F.Love and T.B.Ray,
and Treasurer George N. Sanders.
Brother L. Howard Jenkins presented a report
froip the Home Departments Committee, as follows:
To the Foreign Mission Board:
Your Committee on Home Departments reports
that it has had under consideration the matter of the sale
of the real estate owned by the Board and situated in the
City of Richmond, at the southeast corner of Sixth and
Franklin streets, which includes the corner property and
the house adjoining on the south. V/e have been unable to
get an offer for this property which we considered worth
while to submit to the Board for consideration until we
received an offer from Davis Brothers, Inc., to purchase
this property at $125,000, provided the Board will simulta¬
neously purchase from Davis Brothers , Inc. f two parcels of
property, one, lot at the northwest corner of Norton and
Marshall Streets, with a frontage of 100 feet, and extending
back from the front 153 feet, with/ improvements , and the
other property known as Nos.l anc^M^TTest Marshall Street,
fronting 40 feet on Marshall Street and running back to a
public alley, at the purchase price of $75,000.
If this trade sale is carried out, the settle¬
ment is to be made as follows: The Foreign Mission Board
to convey the property at Sixth and Franklin Streets to
Davis Brothers , Inc. , at the price of $125,000 and take in
part payment note nr notes for the principal sum of $82,500,
payable at five
уеагз
after date of sale, with interest at
six per cent, the balance of the purchase price being repre¬
sented by the equity of Davis Brothers , Inc. , in the property
to be conveyed to the Board by it. The Board to assume as
a part of the purchase money due Davis Brothers, Inc., note
or notes for the principal amount of $20.000 secured by
deed of trust on the property at the northwest corner of
Norton and Marshall Street, with interest at six per cent,
from date of sale, and to assume, as part of the purchase
price for the property, Nos.l ancojr West Marshall Street,
note or notes for the principal sum of $12,500, with interest
from date of sale, secured by-' deed of trust on that property.
If the notes secured by these two deed of trust liens become
due prior to five years from date of sale, then Davis
Brothers, Inc., are to agree to have the principal thereof
extended until the time when its note or notes for the
principal sura of $82,500 will be due.
Based on present rentals of the Norton Street
and Marshall Street properties, we estimate that when all
of the property is occupied, it will bring in a gross
r’ental of $8,726.04, and that after the payment of estimated
ordinary expenses, including taxes, the Board wiill receive
from this property a net income, exclxisive of insurance and
repairs, of $5,961.04. ’.Ye estimate that a conservative
value of the property which Davis Brothers, Inc. , propose
to convey to the Board is $55,000. ^fter deducting the
two mortgage liens thereon the equity would be $42,500-
which added to the deferred purchase money to be paid by
D -vis brothers, Inc. , on the property at Sixth and Eranklin
Streets, would make a net value of $105,000, and it is pos¬
sible that the Board may be able to sell tins property at
Norton and Marshall Streets and Nos.l and/lsMMarshall Street
at a somewhat higher figure than that above estimated.
