- 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 specialPage: 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