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provided in pertinent part:
AGREEMENT
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 1st day of August,
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
Street and/or 41 Franklin Street, Dayton * * * (“Lud-
low”) 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 August
1st, 1991, at the office of Lawyers Title Insurance
Company, the parties hereto shall execute the following
transfers:
A. FELMAN shall purchase the St. Clair
property 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 property. A cancellation of lease and
cancellation of option to purchase shall be
executed by SIGNOM and he shall obtain signa-
tures from his wife and the partnership which
has interest in said property on said docu-
ment. Furthermore, SIGNOM shall assign sub-
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