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In anticipation of finalizing and thereafter closing the
draft property exchange agreement, on July 22, 1991, Brother
Ploeger signed (1) a limited warranty deed conveying the St.
Clair property to Mr. Felman (July 22 St. Clair deed), (2) a
limited warranty deed conveying the Ludlow property to Mr. Signom
(July 22 Ludlow deed), and (3) a document entitled “CANCELLATION
OF LEASE and OPTION TO PURCHASE” (July 22 document). After
Brother Ploeger signed the foregoing documents, the University
sent them to Mr. Packard and Mr. Deas to be held in their custody
and to be used only in the event that the parties to the draft
property exchange agreement finalized and thereafter closed that
agreement. As of July 22, 1991, when Brother Ploeger signed the
July 22 St. Clair deed, the July 22 Ludlow deed, and the July 22
document, the parties to the draft property exchange agreement
anticipated that the various transactions provided for by that
agreement would close on July 31, 1991 (July 31 anticipated
closing), the date on which the Ludlow property purchase contract
stated the closing for delivery of the deed for the Ludlow
property and the payment of the balance of the purchase price for
that property (collectively, closing of the purchase of the
Ludlow property) were to take place.
The July 22 document that Brother Ploeger signed provided in
pertinent part:
THIS INDENTURE, made this 22 day of July, 1991.
WHEREAS, it is mutually beneficial for the Univer-
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