Robert E. Signom, II and Lola Signom - Page 19




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          Signom in order to have Ms. Signom sign it prior to that antici-            
          pated closing.  Mr. Deas expected Mr. Signom to have that docu-             
          ment signed by Ms. Signom and to bring it with him to the July 31           
          anticipated closing.  On July 26, 1991, both Mr. Signom and Ms.             
          Signom signed the July 22 document.                                         
               On August 1, 1991, the parties to the draft property ex-               
          change agreement finalized the terms of that agreement when Mr.             
          Signom, Mr. Felman, and Mr. Deas as the University’s representa-            
          tive signed a document (final property exchange agreement) that             
          set forth the final terms of the various transactions that they             
          agreed would take place under that agreement (final exchange                
          transaction).  The closing of the final exchange transaction, as            
          well as the closing of the purchase of the Ludlow property, took            
          place on August 1, 1991 (August 1 closing), instead of on July              
          31, 1991, as originally contemplated.  Mr. Signom and Mr. Felman            
          attended the August 1 closing, as did Mr. Deas as the Univer-               
          sity’s representative.  The July 22 document, as signed by                  
          Brother Ploeger on behalf of the University on July 22, 1991, and           
          by petitioners as the general partners of MHR Properties on July            
          26, 1991, was delivered at the August 1 closing.  Brother Ploeger           
          executed the final property exchange agreement on behalf of the             
          University a few days after the August 1 closing.                           
               As pertinent here, the terms of the final property exchange            
          agreement were identical to the terms of the draft property                 
          exchange agreement.  The final property exchange agreement                  




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