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[[underlined]]Bequest of Dr. Atherton Seidell[[/underlined]]

Mr. Ripley reported that at their September 27, 1977 meeting, the Board of Regents discussed the bequest of an apartment building (2301 Connecticut Ave.) which Dr. Atherton Seidell had made to the Institution in 1961. The Secretary was authorized to sell this property subject to the approval of the Chairman of the Executive Committee. After an appraisal was obtained, disclosing the building to be worth far more than was initially believed, the property was listed for sale with the firm of Frank Phillips, Inc., which had earlier experience in the management of the building. Considerable interest was shown by a number of potential buyers, but the best offer was made by a partnership consisting of present tenants and other individuals who wish to convert the building to a condominium at relatively low cost. Their offer of $1,150,000, the original asking price, was accepted on December 7, 1977, with the approval of Mr. Webb.

This sale is contingent on the buyers being able to obtain a $700,000 mortgage which they in all probability will be able to secure; the deadline on obtaining this loan has been extended from January 6 to January 31, 1978, to allow sufficient time to meet the lender's requirements. While the Institution would clearly prefer to sell to this group which represents, in part, current tenants, discussions are continuing with other interested parties should the financing contingency not be met.

Dr. Seidell's bequest is to be used to make "the published results of scientific research more widely available to those able to use them for the advancement of science." Dr. Seidell did not specify that this bequest be used to fund an endowment and therefore the Institution could use the principal for the purposes specified. In view, however of the magnitude