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acknowledgment provided in pertinent part:
This Agreement made effective as of August 1,
1991, by and between the University of Dayton, an Ohio
corporation not-for-profit (“Landlord”), and MHR Prop-
erties, an Ohio general partnership, Robert E. Signom
II and Lola A. Signom, Husband and Wife (collectively,
the “Tenant”).
WHEREAS, Marvin Mumma, as landlord, and MHR Prop-
erty, as tenant, entered into a lease dated March 16,
1987, for the premises located at 15-23 N. St. Clair
Street, Dayton, Ohio, which is more particularly de-
scribed on Exhibit “A” attached hereto and made a part
hereof, and is recorded at Microfiche No. 87-0548 A01
of the Mortgage Records for Montgomery County, Ohio
(“Lease”); and
WHEREAS, the University of Dayton is the
successor-in-interest to the interest of Marvin Mumma,
as landlord, having acquired same pursuant to a deed
recorded at Microfiche No. _______ of the Deed Records
for Montgomery County, Ohio; and
WHEREAS, Robert E. Signom II and Lola A. Signom,
are all of the general partners of MHR Properties; and
WHEREAS, said Lease provides as follows:
Article 19. Purchase Option.
The parties agree that the present value of
the property is $135,000. During the term of this
Lease Tenant shall have the right to, at its sole
option, purchase the property from Landlord for
$135,000, which price shall be reduced by one-half
(�) of all rents paid by Tenant to Landlord from
the inception of this Lease to the time of pur-
chase.
WHEREAS, pursuant to the foregoing Article 19,
effective on receipt of the July 1, 1991, rental pay-
ment, the then current option purchase price for the
property subject of said Lease was $108,500;
WHEREAS, Landlord has entered into an Agreement
for the sale of the property subject of said Lease in
consideration of payment to the University from a third
party purchaser in the amount of $220,000 which further
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