Tobin v. Alexander

On May 31, 1974, plaintiffs entered into a written contract to sell an apartment building in Elgin, Illinois, to the defendant for the price of $29,000. Defendant paid $5000 down with the balance payable in installments of $200 per month for five years with a final balloon payment due at that time. Defendant made the payments as required by the contract but on March 23,1976, there was a fire which badly damaged the apartment building. On June 2,1976, the company which had insured the property cancelled the policy. On June 4,1976, plaintiffs sent defendant a letter stating that if defendant…