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assessments on the McDonald Street property and to reduce the
balance of the construction loan note and mortgage to $360,000,
with any surplus of the escrowed funds to be delivered to
petitioner. Bank One, Green Bay agreed “to release any liens
that it may have on the property located on McDonald Street”.
On December 29, 1993, petitioner formally assumed as
borrower what had been WLC’s nonrecourse $380,000 Bank One, Green
Bay note of September 24, 1993; petitioner conveyed the McDonald
Street property to WLC by warranty deed. WLC quitclaimed to
petitioner its interest in the Lawrence Drive property. WLC
directly paid petitioner $142,400 by check to petitioner’s order
drawn on M&I First National Bank of West Bend, Wisconsin.
Petitioner endorsed this check “Pay only to the order of Bank
One-Green Bay”.
Petitioner and WLC had agreed in the Exchange Agreement that
the McDonald Street property, including improvements, and the
unimproved Lawrence Drive property each had a value of $142,400.
The quitclaim deed of the Lawrence Drive property from petitioner
to WLC and the warranty deed of the McDonald Street property from
petitioner to WLC each showed that real estate transfer tax of
$427.20 had been paid, based on a value of $142,400; the
quitclaim deed from WLC to petitioner of the title to the
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Last modified: May 25, 2011