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requires that the Tenant’s Lease and purchase option be
terminated and cancelled;
WHEREAS, the Tenant has agreed to terminate and
cancel said Lease by a gift of their interest in the
property to the Landlord.
Now, therefore, Landlord and Tenant hereby agree
that Tenant shall gift to the Landlord its interest in
said Lease and option to purchase pursuant to Article
19 thereof; and Landlord and Tenant shall execute and
record the Cancellation of Lease and Option to Purchase
attached hereto as Exhibit “B” to commemorate termina-
tion and cancellation of said Lease.
Sometime in 1991 or 1992, Mr. Signom and Ms. Signom, as the
general partners of MHR Properties, signed a document entitled
“AGREEMENT FOR CANCELLATION OF LEASE” that was virtually identi-
cal to the August 15 draft acknowledgment. Around August 1994,
Mr. Signom sent that signed document to the University for
signature by an appropriate officer of the University. After
Brother Ploeger signed that document on behalf of the University,
Mr. Deas returned it to Mr. Signom by letter dated August 10,
1994. (We shall refer to the document entitled “AGREEMENT FOR
CANCELLATION OF LEASE” as signed by petitioners and by Brother
Ploeger on behalf of the University as the final acknowledgment
document.)
At a time that we are unable to find from the instant
record, petitioners retained Martin Nizny (Mr. Nizny) to perform
certain appraisal services. Mr. Nizny prepared a letter ad-
dressed to Mr. Signom as a partner of MHR Properties which he
dated October 13, 1992 (Mr. Nizny’s letter dated October 13,
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