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to the bank, and that the balance of $42,400 will be escrowed
with the bank to pay real estate taxes and any special
assessments on the Lawrence Drive property (emphases supplied)
and to reduce the balance of the construction loan and mortgage
to $360,000.
The amendment also sets forth a revision of the provision
regarding release of liens by Bank One, Green Bay, reading as
follows:
The Bank agrees to release any liens that it may
have on the property located at 625 Lawrence Drive, De
Pere, Wisconsin, that are the obligation of the Company
[WLC] and against 917 MacDonald [sic] Street, Green
Bay, Wisconsin that are the obligation of DeCleene.
The terms of the foregoing transactions among WLC and
petitioner and Bank One, Green Bay assured that WLC would pay no
amounts thereunder until it received the McDonald Street
property, that WLC would have no personal liability with respect
to the Lawrence Drive property or financing while the Lawrence
Drive property was titled in its name or at any time thereafter,
and that all transaction and other costs with respect to the
McDonald Street and Lawrence Drive properties would be paid by
petitioner.
OPINION
Section 1001(c) provides that the entire gain or loss on the
sale or exchange of property shall be recognized. Section
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