Chicago City Bank & Trust Co. v. Ceres Terminals, Inc.

This appeal arises from a declaratory judgment action brought by a lessor against its lessee to construe portions of a lease; particularly, the amount of rent to be paid under the lease’s renewal clause. The lessee appeals from the trial court’s determination that the leased property’s value is $1,875,000, contending that this amount is against the manifest weight of the evidence. The lessor cross-appeals from the trial court’s finding that it is liable for the real estate taxes on the property. We affirm. The pertinent facts follow.

On February 1,1957, Manor Real Estate Company leased 18…