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The Exchange Agreement provided that WLC would construct a
building on the Lawrence Drive property to petitioner's
specifications.
The Exchange Agreement provided that petitioner at the
closing of the exchange would pay an amount representing the
costs of the building on the Lawrence Drive property, as well as
insurance premiums, real estate taxes, interest, and all other
“soft” costs WLC might incur incident to the construction of the
building.
Petitioner in the Exchange Agreement agreed to indemnify and
hold WLC harmless against any damages sustained or incurred in
connection with the construction and financing of the Lawrence
Drive property.
Petitioner and WLC intended to close on the Exchange
Agreement upon completion of construction of the building on the
Lawrence Drive property "but not later than December 31, 1993".
Bank One, Green Bay provided financing for the construction
of the building on the Lawrence Drive property. On September 24,
1993, Bank One, Green Bay agreed to a construction loan of
$380,000, naming WLC as borrower and petitioner as guarantor.
This loan was nonrecourse as to WLC. On the same day WLC
executed a note and mortgage to Bank One, Green Bay, which
provided that WLC had no personal liability on the note secured
by the mortgage and that the lender would look solely to the
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