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proposed exchange transaction among the University, Mr. Signom,
and Mr. Felman (proposed exchange transaction), whereby (1) the
University would accomplish its objectives of disposing of the
St. Clair property and acquiring the Irving property; (2) Mr.
Signom would accomplish his objective of acquiring the Ludlow
property; and (3) Mr. Felman would accomplish his objective of
acquiring the St. Clair property. Each of the parties to the
proposed exchange transaction had a specific condition or prefer-
ence regarding how best to achieve such party’s objective of
acquiring and/or disposing of a particular real property, which
the representatives of the University, Mr. Signom, and Mr. Felman
made known during the negotiations regarding that transaction.
The University indicated during the negotiations regarding
the proposed exchange transaction that it wanted to place certain
deed restrictions on the Ludlow property. That was because it
wanted to ensure that that property was not used for any purpose
which was incompatible with the purposes of (1) the University, a
Catholic university operated by the Marist religious order, and
(2) Chaminade-Julienne High School, a Catholic high school also
operated by the Marist religious order, that was closely aligned
with the University and was located directly across the street
from it.
Mr. Signom indicated during the negotiations regarding the
proposed exchange transaction that he wanted to treat the pro-
posed termination of MHR Properties’ St. Clair property interests
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Last modified: May 25, 2011