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            "text": "How a $250-Million Campus-Housing Deal Went Bad - The Chronicle of Higher Education",
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            "text": "12/1/19, 2:40 PM",
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            "text": "Molly Stephens, the lawyer representing the university, wrote that the university “wants Cross to succeed, but it must also protect the interests of its stakeholders, including students and taxpayers.”"
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            "text": "She wrote that the university was under no moral obligation because it had not budgeted any funds to repay the debt on the project, and that the contract specifies that neither the university nor the state is obligated to pay the debt or any interest: “The university broke no promise, but simply exercised its explicit contractual rights.”"
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            "text": "Not all private-capital deals with colleges are likely to be this volatile. It has become a common practice for such partnerships to include clauses that allow either party to end the agreement, including for simple convenience, says Jill Jamieson, managing director of Jones Lang LaSalle, a commercial real-estate company that works with colleges."
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            "text": "Either side can get out, but the clauses spell out how that can happen, and how either party will be compensated. If such clauses existed in the ground lease for Cross Village, \"There would have been clear rules of the road,\" she says."
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            "text": "At the University of Kentucky, which built nearly 7,000 new beds over the last decade through a private-capital deal worth $450 million, termination-for-convenience language was a key part of the contract — and required by state law. “You always need an exit strategy,” says Penny Cox, the university’s associate vice president for administration, who was in charge of the project."
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            "text": "The Cross Village ground lease includes no termination clauses, because bondholders wouldn't have abided them, Hicks says. “Frankly they were taking enough risk with the annual renewal required due to [Oklahoma] state law,” he says in an email."
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            "text": "The ground lease for Cross Village does state that in the event that Provident’s subsidiary defaults on its debts, that would invalidate the ground lease. The university would then be able to take possession of the building. Hicks believes that’s the university plan."
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            "text": "https://www.chronicle.com/article/How-a-250-Million/247607",
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            "text": "Page 63 of 276",
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