Legal Opinion
Ceres Terminals, Inc. v. Chicago City Bank & Trust Co.
Appellate Court of Illinois
Decided March 31, 1994No. 1-91-0085PublishedCited by 44 opinions
1Opinion of the CourtJustice Gordon
BACKGROUND
In 1957, the predecessor in interest of appellant Ceres Terminals, Inc. (Ceres), entered into a 20-year lease for approximately 16 acres of waterfront property with the predecessor in interest of defendants-lessors (defendants). Under a renewal clause contained in the lease, Ceres was allowed to extend the lease after the initial 20-year period for four 5-year periods. Under this lease, the amount of rent to be paid during these five-year periods was to be based on a 5% "net” return of the property’s fair market value as determined by appraisers of the parties.
Ceres exercised its…
2Cases cited72 opinions
- In the Matter of Thomas v. Cassidy, Debtor-AppellantCourt of Appeals for the Seventh Circuit · 1990
- United States v. Bobby Ray McCaskey A/K/A Snake and Lionel Legard A/K/A MaxCourt of Appeals for the Fifth Circuit · 1993
- Melvin E. Levinson v. United StatesCourt of Appeals for the Seventh Circuit · 1992
- Kankakee County Board of Review v. Property Tax Appeal BoardIllinois Supreme Court · 1989
- Peugeot Motors of America, Inc. v. Eastern Auto Distributors, Inc., Peugeot Motors of America, Inc. v. Eastern Auto Distributors, Inc.Court of Appeals for the Fourth Circuit · 1990
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3Cited by44 opinions
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- Holland v. Schwan's Home Service, Inc.Appellate Court of Illinois · 2013
- Rexam Beverage Can Co. v. BolgerCourt of Appeals for the Seventh Circuit · 2010
- Middleton v. Caterpillar Indus., Inc.Supreme Court of Alabama · 2007
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