- 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
Page: 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