Donald DeCleene and Doris DeCleene - Page 11

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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