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Vaughn v. Commissary Realty

MAY 16, 1961.

CYRUS W. VAUGHN, JR., ET AL., PLAINTIFFS-APPELLEES,

v.

COMMISSARY REALTY, INC., A CORPORATION, DEFENDANT-APPELLANT.



Appeal from the Circuit Court of Champaign county; the Hon. BIRCH E. MORGAN, Judge, presiding. Affirmed. CARROLL, PRESIDING JUSTICE.

This is an action on a written guaranty agreement executed by defendant, Commissary Realty, Inc., a corporation.

The complaint alleges in substance that on or about February 11, 1957, the plaintiffs and defendant entered into a written lease whereby plaintiffs leased to defendant certain real estate in Champaign, Illinois, for ten years, at an annual rental of $2,900, payable in monthly installments of $362.50 for the months of April through November of each year; that certain assignments of said lease dated April 9, 1957, and April 25, 1957, were made by defendant; that prior to such assignments and on or about February 20, 1957, defendant made and delivered to the plaintiffs, a written agreement designated as a guaranty; that said guaranty reads as follows:

"Guarantee of a Land and Building Lease made by and between Commissary Realty, Inc., an Ohio Corporation of Wooster, Ohio, and Cyrus W. Vaughn and Maxine Vaughn, husband & wife of Champaign, Illinois dated the 11th day of February 1957, covering the premises situated at Lot Two (2) of Industrial addition to the City of Champaign, situated in the City of Champaign, and State of Illinois,

which said premises are more particularly described in said Lease.

Whereas, Commissary Realty, Inc., under the terms of the lease above referred to, is not liable for any default in rental payments by an assignee of said lease, and

Whereas, Commissary Realty, Inc., is willing in this instance to enter into a Guaranty Agreement.

Now, Therefore, Commissary Realty, Inc., does hereby agree and warrant for a period of four (4) years from this date, that should any assignee default for more than thirty (30) days in the payment of rent to Lessor, Commissary Realty, Inc. will either exercise the re-assignment provisions as set forth in Article 17, of the Lease and thus cause the rental to be paid to Lessor, or will terminate and cancel the said Lease by paying Lessor in accordance with the following provisions:

(a) Upon paying Lessor the sum of Eight Thousand Dollars ($8,000.00) if cancellation occurs within one year from the date hereof.

(b) Upon paying the Lessor the sum of Six Thousand Dollars ($6,000.00) if cancellation occurs in the period commencing one year and expiring two years from the date hereof.

(c) Upon paying Lessor the sum of Four Thousand Dollars ($4,000.00) if cancellation occurs in the period commencing two years and expiring three years from the date hereof.

(d) Upon paying Lessor the sum of Two Thousand Dollars ($2,000.00) if cancellation occurs in the period commencing three years and expiring four years from the date hereof.

In Witness Whereof, Commissary Realty, Inc. has hereto set its hand and seal this 20th day of February, 1957.

Witnesseth: s/ Joan Y. Arndt s/ H.C. Arndt

Accepted and Agreed to: s/ Cyrus W. Vaughn, Jr. ...


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