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To have and to hold the same to the said party of the second part, his heirs,
executors, administrators and assigns, for and during the said term of ten years, or until
the termination of this Lease, as hereinafter provided.
The party of the second part covenants and agrees to pay to the party of the
first part the annual rent or sum of Fifty (50) Doll
for the use and occupation of said premises, the first year's
[rent] being payable on the signing of this Lease, and thereafter all rental shall be payable
annually in advance, at the beginning of each year of the term hereby created.
And said party of the second part is hereby given and granted the right and
[priv]ilege of erecting houses, outbuildings and other improvements on said demised
[pre]mises, the same to be used for the following purposes alone, and for no other, that
[ ?] say:
For the purpose of a Fraternity House and to be
[us]ed only by the Chi Psi Lodge Association
being specially covenanted, agreed and understood that the same shall never at any
[tim]e whatever be used as a boarding or lodging house.
And said party of the second part hereby covenants and agrees that he will com-
[ ?] and complete said houses and other improvements within the period of one year
[ ?] the commencement of this lease, ready for use and occupation, said houses and
[im]provements to cost not less than the sum of Six Thousand (6000) dollars,
and to meet the approval of said party of the first part, or her successors and
[the] party of the second part covenants and agrees before the commencement of any
[imp]rovements, to deliver to said party of the first part, or her successors, a complete set
[of] plans and specifications of all improvements proposed to be erected by him, the same
[ ?] meet with her approval or the approval of her successors.
Said party of the second part further covenants and agrees to lay a sidewalk of
[ ?], asphalt or cement, not less than four feet in width, in front of said premises, on
[the] grade to be established, by the party of the first part.
The party of the second part covenants and agrees to hold harmless the party
[of the] first part from any and all liens occasioned by the erection of said buildings or
[imp]rovements upon said land.
Said party of the second part is hereby given the right, at his own cost and
{ ?], to connect with all sewer and water mains where necessary, the cost of water
[priv]ileges in connection with the premises to be paid by said party of the second part.
At the expiration of said term of ten years the said Lessor, or her successors,
[will] if so requested in writing by the Lessee at least three months in advance of such
[ ?], conditions and stipulations as are in this Lease contained, except that in case
[ ?] any year or years of said second term the taxes on said land shall be increased
and above the rate existing at the date of the signing of this Lease, then and in
[the]event the rental for said land for such years shall be correspondingly increased,
such renewal of Lease shall not be granted by the Lessor or her successors, then she
[ er?] successors in said trust shall purchase and pay for the houses and other improve-
ments erected by the Lessee which shall then be standing on said premises at a fair
[? ation] to be fixed by arbitration in the usual manner: each of the parties hereto
[ ?ting] one arbitrator and the two so selected to choose a third, if necessary; the
[ ?] valuation by any two of the arbitrators to be final.
At the expiration of said renewed term of ten years, (if this Lease shall have
[been] so renewed) the said Lease shall thereafter be renewed for successive terms of ten
[years] (or in default of such renewal, all improvements then on said premises shall be
[purc]chased by the successors of said Lessor in the manner herein provided,) upon all the
[ ?] terms, conditions and stipulations as are in this Lease contained, excepting how-
ever, that the rental for said demised premises shall be fixed and determined by the
[succ]essors of said Lessor at such sum as to them shall seem fair and commensurate
[with] the then value of said land; and it is hereby specially convenanted, agreed and
[unde]rstood that said successors shall have and they are hereby given the sole and
[?sive] right to fix and determine the rental for said third term of ten years, and the
[ ?]so fixed and determined by them shall be the rental for the extension of ten
years then about to commence, and said party of the second part covenants and agrees
[ ?] the same in lieu of said rental stipulated for the second term of ten years herein
[ ?ded] for; provided, however, that no rental shall ever be paid for said demised
[prem]ises less in amount than the [rest cut off]