Daily Los Angeles herald., 1879-08-06
University of Southern California

The following is q copy of the
deed of gift from Messrs. o. w.
Childs, John G. Downey and Isaias
W. Hellman to Messrs. A. M.
Hough. J. P. Widney, f. F.
Spence, M. NJ. Bovard, G.. D.
Compton and R. M. Widney, Trus-
tees, for Methodist Educational
Institutes:
THIS INDENTURE, made this 29th
day of July, 1879, between Ozro w.
Childs, John g. Downey and Isaias
w. Hellman, of Los Angeles coun.
ty. California, parties of the first
part, and A. M. Hough, ]. L Wild
ney, E. F. Spence, Nj NJ. Bovard,
G.. ID. Compton and r. M. Widney,
us trustees of the express trust here
matter set out, parties of the sec
ond part, and "rhe University Of
Southern California" corporation
which SAID second parties agree to
procure to be incorporated under
the laws of the State of California
for educational purposes, the bene-
ticiary herein aud party of the third
part: Witnesseth:
That whereas said second parties
are desirous of providing and estah-
lishing all @ doWment fund for the
support and maintenance of said
University, party of the third part
herein, the yearly Income from
which endowment fund alone is to
be used for such support aud main
tenance, and is to be paid by said
second parties to the Directors of
said University as hereinafter set
out; now, therefore, said first par
ties hereby grant to said second
parties in trust all of the following
described lots, pieces or parcels Of
laud situated In "West Los Apge-
les," Los Angeles county, Califor-
MIA, to wit:
Then follows the description by
number and letter of over 800 lots
and strip of land between blocks
X and L, all In West Los Angeles. ]
To have and to hold in trust for
the following uses and purposes to.
wit:
FIRST.
Said second parties shall proceed
to sell and convey any and all of
said lots at such times and for such
price and on such terms of pay
ment. but not for less than 500 per
lot, as said second parties may
deem best; save and except the
lots or tract of land umbered 2 to
8. In block L, and numbered 30 to
SO. in block Il. aud numbered l to 8
and 80 to 3S, in block X, all of
said numbers inclusive, including
the strip of land lying bet ween said
portions of blocks l. aud X, which
Ia and shall be reserved as the
University site or campus on which
shall lie located and maintained
the main University buildings to
be used by said University, unless
it become expedient TO erect said
buildings on some adjacent suitable
property In said West Los Angeles.
The said University site or campus
may be conveyed to the Directors
of said third party to hold In trust
for such site or campus.
SECOND.
The funds received from the sales
of said other lots less costs of sales
and expenses and Improvements
not to exceed fifteen per cent. of the
price received, shall be and forever
remain an endowment fund, the
net Income from which shall be for
the use and support of said Univer-
sity to he established as aforesaid,
provided that from the first sales of
lots the sum not to exceed $500 may
be used for expenses of properly
placing the property on tue mar
ket, and from the next money re.
ceived SIS, 600 shall be used for the
purpose of erecting a college build.
Ing on said site or campus.
THIRD.
Said second parties and their suc-
cessors shallinvest said endowment
flnd In State. county, city or ma.
tionaI interest bearing bonds or Sc.
curities that may be safe, or said
fund may in whole or In part be
loaned on first security on real es-
tate with good title; but such loans
shall not exceed thirty per cent OF
the actual cash value of the prop
erty on which the loan is made;
no loan shall be made on any prop.
erty belonging to the benz ficiary
herein. No part of said property
herein convey ed shall be mortgaged
or encumbered while belonging to
or held by said second parties. No
mechanics liens shall be valid or
binding against the title or interest
of said second parties in said land
or the interest OF said third party
therein.
FOURTH.
The annual net income from
said endowment fund shall be sus