- 5 -
would convey back to petitioner the Lawrence Drive property with
a new building built thereon to petitioner's specifications, in
exchange for the McDonald Street property.
On September 24, 1993, WLC made an offer–-prepared by
petitioner’s attorney–-which petitioner accepted, to purchase the
Lawrence Drive property for $142,400; petitioner’s acceptance
contained an undertaking to “transfer building permit to Buyer on
or before September 27, 1993”.2 On September 24, 1993,
petitioner quitclaimed title to the Lawrence Drive property to
WLC, and WLC gave petitioner a fully nonrecourse noninterest
bearing one payment note and mortgage on the Lawrence Drive
2 The copy of the building permit included as Exhibit 39-J
in paragraph 67 of the Supplemental Stipulation of Facts replaces
paragraph 30 of the Stipulation of Facts, which stated as
follows: “Prior to his September 24, 1993 quit claim of title to
the Lawrence Drive property to the Western Lime & Cement Co., a
permit was obtained in Donald DeCleene’s name for construction of
a building on the Lawrence Drive property”.
Exhibit 39-J is a photocopy that bears a variety of dates:
it was originally submitted to and preliminarily approved by the
City of DePere Building Inspector on July 29, 1993; it bears the
signature of the “Owner/Agent Michael DeCleene V.P. Date
1/12/94"; it was recorded “10/22/93" and bears the notation,
“Site Plan approved by Plan Commission on 4-27-93". The name of
petitioner as Owner, his mailing address, and telephone number
appear on the line of the permit form provided for that
information. However, the name, mailing address, and telephone
number of WLC have been written in above those of petitioner.
On July 29, 1993, Green Bay Abstract & Title Company, Inc.
(the title company), had issued a title commitment with WLC as
the proposed insured on the owner’s policy in the insured amount
of $142,400 and Bank One, Green Bay as the proposed insured on
the loan policy in the insured amount of $522,400.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011