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AGREEMENT <br />THIS AGREEMENT by and between the CITY OF REDLANDS, a <br />municipal corporation of the State of California, and WATCH0RN <br />LINCOLN ME14ORIAL ASSOCIATION, a non-profit corporation, is dated <br />the Ith I day of �_ril - - 1964. <br />RECITALS <br />1. By an agreement dated February 12, 1932, Robert and <br />Alma J. Watchorn granted a certain parcel of real property to the <br />City of Redlands and directed that it be sold with the proceeds <br />being deposited in the Watchorn Endowment Fund, hereinafter called <br />"Fund". <br />2. The Fund is to be prudently invested with all interest <br />and income being applied to the cost of maintaining, administering, <br />preserving, and operating the Lincoln Shrine. <br />3. The property was held by the City for a number of <br />years and eventually sold on February 23, 1946 for $5,000.00. <br />4. The Watchorn Lincoln Memorial Association is a non- <br />profit corporation endowed by the Watchorns, and charged by its <br />by-laws with the identical purpose for which the Watchorn Endowment <br />Fund was created. <br />5. The Fund has been deposited in the treasury of the <br />Watchorn Lincoln Memorial Association, and managed and invesL-ed in <br />accordance with the requirements of the 1932 agreement. <br />IT IS HEREBY AGREED as follows: <br />1. That the Watchorn Lincoln Memorial Association shall <br />be the agent of the City of Redlands, and the City Treasurer, for <br />the purpose of investing and reinvesting the Fund in safe and sound <br />interest -producing securities, the interest and income received <br />from such investments to be applied by such agent in defraying the <br />cost of maintaining, preserving, and operating the Lincoln Shrine. <br />2. That the Watchorn Lincoln Memorial Association accepts <br />appointment as agent to invest, and reinvest the Fund. <br />CITY OF REDLANDS, <br />By <br />"Riyor <br />WATCH LINCOLMv MEMORIAL ASSOCIATION <br />By-- �--�9- - <br />Presi nt `'- <br />