Donald DeCleene and Doris DeCleene - Page 6

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          property in the amount of $142,400.  On that same day, petitioner           
          assigned to Bank One, Green Bay, the WLC $142,400 note and                  
          mortgage.  The WLC $142,400 note was due by its terms “upon the             
          closing of an exchange transaction between” WLC and petitioner,             
          or 6 months from the date of the note, “whichever is earlier”.              
               On September 24, 1993, WLC and petitioner also executed the            
          Exchange Agreement regarding the McDonald Street property and the           
          Lawrence Drive property.  The Exchange Agreement was drafted by             
          petitioner’s attorney with input from WLC’s attorney.                       
               Paragraph 1 of the Exchange Agreement required petitioner to           
          convey by warranty deed the McDonald Street property to WLC,                
          “free and clear of all liens and encumbrances”, in exchange for             
          WLC’s paying its $142,400 note to petitioner and conveying the              
          Lawrence Drive Property back to petitioner by quitclaim deed.               
               Paragraph 2 of the Exchange Agreement provided that                    
          petitioner would pay all costs relating to the transfers of the             
          McDonald Street and Lawrence Drive properties.                              
               In Paragraph 4 of the Exchange Agreement, petitioner made              
          comprehensive warranties to WLC with respect to the McDonald                
          Street property, but WLC expressly disavowed making any                     
          warranties to petitioner with respect to the Lawrence Drive                 

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Last modified: May 25, 2011