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other purpose reasonably found offensive by the UNIVERSITY,
and reasonably based upon its character as a Catholic-spon-
sored institution of higher education. In the event Signom
violates the foregoing restrictions designated as restric-
tions (1), (2) or (3), the University may reacquire the
Property at its then appraised value. In the event Signom
violates the foregoing restriction designated as restriction
(4), the University may reacquire the Property at two times
its then appraised value. Said appraisal to be based upon
the highest and best use of the Property regardless of such
restrictions.
The parties to the final property exchange agreement in-
tended for (1) the July 22 St. Clair deed to satisfy the require-
ment in the final property exchange agreement that “the UNIVER-
SITY shall * * * transfer to FELMAN * * * by Limited Warranty
Deed, the St. Clair property”; (2) the July 22 Ludlow deed to
satisfy the requirement in the final property exchange agreement
that the “UNIVERSITY * * * shall exchange * * * [the Ludlow
property], by Limited Warranty Deed for the Irving Street prop-
erty”; and (3) the July 22 document to satisfy the requirement in
the final property exchange agreement that “A cancellation of
lease and cancellation of option to purchase shall be executed by
SIGNOM and he shall obtain signatures from his wife and the
partnership which has interest in said property on said docu-
ment”.
Pursuant to the final property exchange agreement, as of
August 1, 1991, (1) (a) MHR Properties, Mr. Signom and Ms.
Signom, as the general partners of MHR Properties, and the
University canceled, by delivery of the July 22 document that
they had signed shortly before the August 1 closing, the
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