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tentative exchange transaction, on July 12, 1991, Mr. Signom sent
a number of documents relating to that transaction by facsimile
transmission to William Deas (Mr. Deas), an attorney at Porter,
Wright, Morris & Arthur who was experienced in real estate
matters and who was working with Mr. Packard on behalf of the
University with respect to that transaction. Those documents
consisted of a copy of a mortgage dated November 4, 1978, in an
amount not exceeding $59,600 that secured the Irving property
(Irving property mortgage), a partial release of that mortgage
dated January 2, 1981, a site plan of the Irving property, and a
draft of an agreement relating to the tentative exchange transac-
tion (draft property exchange agreement).
The draft property exchange agreement provided in pertinent
part:
THIS AGREEMENT, by and among the University of
Dayton (“UNIVERSITY”) * * *; H. Marvin Felman
(“FELMAN”) * * *; and Robert E. Signom II, and/or
Robert E. Signom II dba MHR Properties * * * (collec-
tively “SIGNOM”), entered into this ______ day of July,
1991.
WHEREAS, the UNIVERSITY is desirous of acquiring
certain real property, commonly known as 517 Irving
Avenue (rear), Dayton, * * * (“Irving”) which is pres-
ently owned by SIGNOM, and
WHEREAS, FELMAN is desirous of acquiring certain
real property, commonly known as 17-25 North St. Clair
Street, Dayton, * * * (“St. Clair”) which is presently
owned by the UNIVERSITY, and leased to SIGNOM, and
SIGNOM having an option to purchase said property as
set out in said lease, and
WHEREAS, SIGNOM is desirous of acquiring certain
real property, commonly known as 420 South Ludlow
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