CHAPTER 70

AN ACT to authorize the Board of Visitors of the Medical College
of Virginia to convey with certain covenants a parcel of land,
with improvements thereon to the Richmond Eye Hospital,
Incorporated.

[S s4]|

Approved February 28, 1950

Be it enacted by the General Assembly of Virginia:

1. § 1. The Board of Visitors of the Medical College of Virginia,
with the approval of the Governor in writing first obtained, is
authorized to convey by general warranty deed to the Richmond
Eye Hospital, Incorporated, a certain parcel of land with improve-
ments thereon described as follows:

All that lot of land in the City of Richmond, Virginia, with
the improvements thereon known as No. 408 North 12th Street,
fronting 64 feet, more or less, on the west line of 12th Street,
between Marshall and Clay Streets, and running back between
parallel lines 106 feet to a 12-foot alley, the northern line being
along an alley running westwardly from 12th Street, being the
same property conveyed to the Medical College of Virginia by
Boys’ Club of Richmond by deed dated July 20, 1945, of record
in the Clerk’s Office of the Chancery Court of the City. of Rich-
mond, Virginia, in deed book 451-C at page 108.

§ 2. Such conveyance, however, shall be subject to certain
‘onditions. The Richmond Eye Hospital, Incorporated, shall cove-
iant and agree: (1) To promptly erect upon the property herebw
‘conveyed, at its cost, a building in accordance with the plans ang
specifications of Ballou and Justice. architects signed by the re
spective Presidents of the parties hereto. the said hospital to cos:
ipproximately $400,000; (2) To keep the buildings and improve
ments upon the conveyed premises insured against loss from dam-
age by fire for the full insurable value and in case of damage or
destruction, from time to time, by fire or otherwise, to repair, re-
store or rebuild the buildings and improvements on the conveyed
premises with all reasonable dispatch. If, for any reason the said
buildings and improvements are not fully restored within three
(3) years from the date of the damage or destruction, the Medical
College of Virginia may, at its option, purchase the property at its
then fair market value; (3) To connect, at its expense and cost, the
heating system to the steam line of the Medical College of Virginia
at the boundary line of the said property and install all necessary
facilities required by the said connection including flow meters
and pressure reducing valves and further to install in the building
to be erected upon the conveyed premises a steam line of sufficient
size to facilitate the heating by the Medical College of Virginia
of buildings erected or to be erected on the said property; (4) To
make available to the Medical College of Virginia, its faculty and
student body, opportunities for research, teaching and the training
of specialists through its facilities, upon such terms and conditions
as may be agreed upon; (5) To bear the entire cost of the opera-
tion of the hospital to be erected upon the said property.

In the event of the failure of the Richmond Eye Hospital, In-
corporated, to operate the hospital to be erected on the property
in accordance with the above covenants, the Medical College of
Virginia may, at such time, purchase the property, building, fix-
tures and equipment at their then fair market value.

The Medical College of Virginia shall covenant and agree: (1)
to demolish at its own expense the buildings now on the property
and remove the debris therefrom; (2) To construct a tunnel ex-
tending from its tunnel to the boundary line of the above described
property and at its own cost to install therein steam lines adequate
to heat the building to be erected by the Richmond Eye Hospital,
Incorporated: (3) To furnish heat, so far as its present and future
facilities permit, to the building to be erected upon the said prop-
erty from its heating plant at cost, said cost to be determined from
time to time by the customary methods, and to include a reasonable
amount of overhead, but this agreement to furnish heat may be
terminated by either party upon twelve months written notice,
the one to the other.

§ 3. The conveyance of this property shall be for a pecuniary
ronsideration of fourteen thousand dollars ($14,000,00) and shall
he paid into the general fund of the State Treasury upon delivery
hy the Medical College of Virginia of a good and sufficient deed of
convevance.

27, <An emergency existing, this act shall be in force from its
passage.