Lightly butter 1 side of the bread slices; cut bread into quarters. Arrange half of the bread pieces, buttered side down, in a 3-quart rectangular baking dish.
Toss together apples and lemon juice. Sprinkle the apples and cherries atop bread in baking dish. Top with remaining bread, buttered side up. Combine eggs, milk, and sugar; pour atop bread in dish. Press mixture down lightly with back of a large spoon to be sure that all bread is moistened.
Bake in a 350 degrees oven for 45 to 50 minutes or until set and a knife inserted off center comes out clean. Cool 30 minutes on a rack. Serve warm. Makes 8 to 10 servings.