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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
property.
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Last modified: May 25, 2011