T.C.T. Building Partnership v. Tandy Corp.

For the reasons that follow, we reverse the judgment of the circuit court and remand this cause for further proceedings.

The relevant facts are not in dispute. DuBose Corporation (Du-Bose) leased a parcel of commercial real estate to Color Tile of Illinois, Inc. (Color Tile). The lease was for an original term of 20 years commencing on March 5, 1975, and terminating on March 4, 1995, and granted Color Tile an option to extend the lease for four additional terms of five years each. The lease provided, however, that to exercise the option Color Tile was required to give DuBose written notice of…