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L.b. Herbst Corp. v. Northern Illinois Corp.

OCTOBER 15, 1968.

L.B. HERBST CORPORATION, PLAINTIFF-APPELLANT,

v.

NORTHERN ILLINOIS CORPORATION, DEFENDANT-APPELLEE.



Appeal from the Circuit Court of DeKalb County, Sixteenth Judicial Circuit; the Hon. CARL A. SWANSON, JR., Judge, presiding. Judgment affirmed.

MR. JUSTICE MORAN DELIVERED THE OPINION OF THE COURT.

This suit was brought by the plaintiff, L.B. Herbst Corporation, against the defendant, Northern Illinois Corporation, under an alleged written contract between the parties. A bench trial was had and the plaintiff appeals from the court's finding for the defendant.

The plaintiff is a commercial supplier of furnishings and fixtures and the defendant is a finance company. The controversy involves some 21 townhouse units built by Itasca Terrace, Inc. (Itasca) in DuPage County. On January 3, 1964, the defendant gave a written commitment to Itasca as follows:

"January 3, 1964

"Itasca Terrace, Inc. Room 1255 228 North LaSalle Street Chicago, Illinois

Attention: Mr. B.B. Bell, President

Gentlemen:

This letter will serve as our commitment to finance $2,200.00 per townhouse on all personal property, estimated cost to be $3,000.00. The maturity of 60 equal monthly installments for eighty-two (82) units with a minimum equity of 18%, with partial take out.

The rate is 5 1/4% add on per year.

Material damage insurance to be included in the contract at a rate of sixty ($.60) cents per $100.00 per year. Coverage is to be all risk less exclusions on a cash value basis. Assignment of rents, excluding Marshall Savings and Loan rent assignment is to be given to Northern Illinois Corporation.

Yours very truly,

/S/ K.M. Snyder K.M. Snyder, Vice-President.

KMS/pjn cc: L.B. Herbst & Co.

Accepted this ____ day of January, 1964. By ...... /S/ B.B. Bell President, ...


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