Upon the payment of a consideration of eighteen thousand dollars ($18,000), the state board of regents is hereby authorized and directed to sell and convey by quitclaim deed to the Kansas state university endowment association, a tract of land located in township ten (10) south, range eight (8) east of the sixth (6th) P.M., in Riley county, Kansas, being more particularly described as follows:

Parts of lots ten (10) and seventeen (17) in section seven (7), township ten (10) south, range eight (8) east of the sixth principal meridian more particularly described as follows: At a point nine hundred (900) feet north of the southwest corner of lot seventeen (17), on the west line of said lot seventeen (17), as a point of beginning; thence, from this point of beginning, north along said lot line four hundred twenty (420) feet to the southwest corner of lot ten (10); thence east along the south line of said lot ten (10) three hundred ninety-six (396) feet; thence north six hundred sixty (660) feet; thence east two hundred sixty-four (264) feet; thence south one thousand two hundred sixty (1,260) feet; thence west four hundred forty-six (446) feet parallel to the south line of lot ten (10) to the southeast corner of the Smurthwaite house site; thence north one hundred eighty (180) feet; thence west two hundred fourteen (214) feet to the point of beginning containing 12.21 acres more or less.

Also beginning at a point on the south of lot seventeen (17), three hundred thirty (330) feet east of the southwest corner of said lot seventeen (17); thence six hundred sixty (660) feet north; thence ninety-nine (99) feet east; thence six hundred sixty (660) feet south to the south line of lot seventeen (17); thence ninety-nine (99) feet west to the point of beginning containing 1.50 acres more or less.

Such quitclaim deed shall be executed by the chairman of the state board of regents and attested by the secretary of said board. The deed to said property shall provide for the retention by the state of Kansas of all mineral rights in and under such property, together with ingress and egress thereto for production of any oil, gas, or other mineral.