Part 4 Subpart 4-3 Acquisition and Lease of Real Estate by the University

Sec. 4-302. Certain Agreements Regarding Real Estate.

Notwithstanding Section 4-301 above, the President or Vice President for Administration and Finance is authorized to enter into the following types of agreements regarding real estate on behalf of the University:

  1. An option to purchase real estate where (a) the option may be exercised only after the approval of the Board has been obtained; and (b) the consideration agreed to be paid by the University for the option does not exceed $10,000;
  2. An exclusive dealings agreement where (a) the University and the seller agree to exclusively deal with each other for a period of time regarding the purchase and sale of real estate; and (b) any monetary consideration to be paid by the University for the right of exclusive dealing does not exceed $10,000;
  3. A purchase and sale agreement for real estate where (a) there is a requirement for the performance of an environmental audit in accordance with Section 4-305 of this Subpart; (b) the University's obligation to consummate the purchase of the real estate is specifically made contingent upon Board approval; and (c) any earnest money or other non-refundable deposit paid by the University does not exceed $10,000.