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Mumma/MHR Properties lease agreement, including MHR Properties’
purchase option contained in that agreement, (b) Mr. Felman
purchased from the University the unencumbered St. Clair prop-
erty, which had a value as of that date of $220,000 as set forth
in the final property exchange agreement, and (c) the University
conveyed that property to Mr. Felman by delivery of the July 22
St. Clair deed that the University had signed shortly before the
August 1 closing; (2) (a) the University purchased from EDR the
Ludlow property,4 which had a value as of that date of $253,000
as set forth in the final property exchange agreement, and
(b) the University conveyed that property to Mr. Signom by
delivery of the July 22 Ludlow deed that the University had
signed shortly before the August 1 closing; and (3) (a) Mr.
Signom conveyed the Irving property subject to the Irving prop-
erty mortgage, which had a $30,963 balance due as of that date,
to the University by general warranty deed (Irving deed), and
(b) the University paid Mr. Signom $12,000 in cash.5 (We shall
refer to the transfers of properties and other consideration that
were effected on August 1, 1991, among the University, Mr.
Felman, and Mr. Signom as the August 1 property transfers.) The
4The parties to the Ludlow property purchase contract had
agreed to extend the date of closing of the purchase of the
Ludlow property from July 31, 1991, to Aug. 1, 1991.
5The value of the Irving property that Mr. Signom trans-
ferred to the University pursuant to the final property exchange
agreement on Aug. 1, 1991, was not set forth in that agreement.
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