Donald DeCleene and Doris DeCleene - Page 10

                                       - 10 -                                         

               The construction contract called for substantial completion            
          by December 15, 1993.  Between September 24 and December 29,                
          1993, Landmark worked on the construction of the building on the            
          Lawrence Drive property and substantially completed the building            
          to petitioner's specifications.                                             
               On December 28, 1993, 1 day prior to execution and closing             
          of the Assumption, Release and Escrow Agreement described below,            
          Bank One, Green Bay executed a Satisfaction of Mortgage for the             
          mortgage given by WLC to petitioner that petitioner had assigned            
          to the bank in connection with petitioner’s quitclaim of the                
          Lawrence Drive property to WLC on September 24, 1993.                       
               On December 29, 1993, Bank One, Green Bay, WLC, and                    
          petitioner executed the Assumption, Release and Escrow Agreement,           
          which provided that petitioner assumed and became personally                
          obligated to the bank for all obligations of WLC arising out of             
          the construction note and mortgage, notwithstanding their                   
          nonrecourse language; petitioner agreed to be responsible for               
          completion of the construction project; and WLC agreed to pay               
          petitioner $142,400 for the McDonald Street property.  Petitioner           
          undertook to use $100,000 of the $142,400 received from WLC “to             
          pay a Note due the Bank in the amount of * * * $100,000" (which             
          had been secured by mortgages on both the Lawrence Drive property           
          and the McDonald Street property) and to escrow the remainder               
          with the bank to pay real estate taxes and any special                      

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