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Street * * * Dayton * * * (“Ludlow”) which is presently
under a contract to purchase by FELMAN.
NOW THEREFORE, in consideration of the mutual
promises and covenants contained herein, the parties
agree as follows:
1. At a closing to be held on or before July __
1991, at the office of ______________, the parties
hereto shall execute the following transfers:
A. FELMAN shall purchase the St. Clair prop-
erty from the UNIVERSITY for the sum of * * *
$220,000.00 * * * and the UNIVERSITY shall
then transfer to FELMAN, or his designee, by
Limited Warranty Deed, the St. Clair prop-
erty. A cancellation of lease and cancella-
tion of option to purchase shall be executed
by SIGNOM and he shall obtain signatures from
his wife and the partnership which has inter-
est in said property on said document. Fur-
thermore, SIGNOM shall assign said tenants in
possession’s leases to FELMAN.
B. FELMAN shall assign his contract to pur-
chase the Ludlow Street property to the UNI-
VERSITY. UNIVERSITY shall then complete the
acquisition of said Ludlow Street property
and transfer the same to SIGNOM, by General
Warranty Deed together with a cash payment of
* * * $10,500.00 * * * plus an amount equal
to one-half * * * any and all payments made
by SIGNOM to the UNIVERSITY with regard to
the St. Clair property, from May 1, 1991, to
and including the date of said closing. The
UNIVERSITY shall refund FELMAN’s earnest
money deposit for the Ludlow Street property
in the amount of * * * $5,000 * * *.
C. SIGNOM shall transfer to the UNIVERSITY,
by General Warranty Deed, the Irving Street
property, subject to the existing mortgage in
favor of NBD in the amount of approximately
* * * $31,564.01 * * *. The UNIVERSITY shall
refund to Signom at closing any amount by
which that principal balance has been reduced
from May 1, 1991 to and including the date of
closing.
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