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2. All such transfers shall be made with a
proration of real property taxes through and including
the date of closing. The transferor shall pay the
county transfer tax of $2.00 per thousand on the sale
price. * * *
* * * * * * *
5. Each transferor shall prepare, subject to the
approval of the transferee, the documents of title for
each transfer.
* * * * * * *
7. Each transferee shall receive possession at
closing, subject only to tenants’ rights, if any.
8. During Signom’s ownership of the Ludlow
property, the University reserves and restricts the use
of the Ludlow property prohibiting the use thereof for
(1) the sale and/or distribution of pornographic mate-
rials; (2) nude and semi-nude entertainment; (3) abor-
tion services; and/or (4) any other purpose reasonably
found offensive by the University, and reasonably based
upon its character as a Catholic-sponsored institution
of higher education. In the event the Grantee violates
the foregoing restrictions, the University may reac-
quire the Ludlow property at two (2) time[s] its then
appraised value.
These reservations and restrictions shall termi-
nate and be of no force and effect upon the sale or
exchange of the Ludlow property by Signom.
Certain changes not material to a resolution of the issue pre-
sented in this case under section 170 were made to the draft
proposed property exchange agreement before it was finalized and
signed (1) on August 1, 1991, by Mr. Deas on behalf of the
University and by Mr. Signom and by Mr. Felman and (2) a few days
thereafter by Brother Bernard J. Ploeger, S.M. (Brother Ploeger),
the Senior Vice President for Administration of the University,
on behalf of the University.
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