- 21 -
tenants in possession’s leases to FELMAN.
B. FELMAN shall assign his contract to
purchase the Ludlow Street property to the
UNIVERSITY. UNIVERSITY shall then complete
the acquisition of said Ludlow Street prop-
erty and shall exchange the same with SIGNOM,
by Limited Warranty Deed for the Irving
Street property 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 an[d] 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
* * * $31,515.96 * * *. 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.
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 clos-
ing, 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 materials; (2) nude and semi-
nude entertainment; (3) abortion services; and/or (4) any
Page: Previous 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 NextLast modified: May 25, 2011