Pepper Pot II, Inc. v. Imperial Realty Co.

In February 1974, a three-year lease expiring September 30, 1977, was entered into between American National Bank & Trust Company of Chicago, as trustee under trust No. 16324, as lessor, and Normandie Inn Corporation, as lessee, for the premises located at 105 North Dear-born Street in Chicago. Paragraph 23 of that lease gave the lessee two options to renew: for a G^-year period (October 1977 through March 1984) and, if this first option was exercised, for a 10-year period thereafter (April 1984 through March 1994).

In December 1974, lessee Normandie Inn Corporation assigned the lease to the…