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Yale Devel. Co. v. Oak Park Trust & Sav. Bk.

MARCH 31, 1975.

YALE DEVELOPMENT COMPANY, INC., PLAINTIFF-APPELLANT,

v.

OAK PARK TRUST & SAVINGS BANK, TRUSTEE, ET AL., DEFENDANTS-APPELLEES.



APPEAL from the Circuit Court of Du Page County; the Hon. PHILIP F. LOCKE, Judge, presiding.

MR. PRESIDING JUSTICE SEIDENFELD DELIVERED THE OPINION OF THE COURT:

The plaintiff, a development company, filed a complaint seeking specific performance of an agreement for the purchase of real estate and alternatively for damages. On the motion of the defendants, owners of the property, the complaint was dismissed on the pleadings with prejudice. Plaintiff appeals.

In Count I of the two count complaint it was alleged that the defendants entered into a real estate contract to sell to plaintiff 37.689 acres for $600,000 in accordance with the copy of a contract which was attached and which contained the following "Rider":

"3. Closing of this transaction shall be within 60 days after written notice is served upon Sellers provided this contract is still in full force and effect when such notice is received.

This contract shall not be in full force and effect and shall terminate upon the earliest of:

(a) the expiration of six months from the date hereof unless prior to said date Purchaser shall have commenced rezoning of the real estate for a use suitable to Purchaser, either,

(i) under the County of Du Page Zoning Ordinance, or

(ii) for an annexation of the real estate to Roselle, Illinois, and under the zoning ordinance of said municipal corporation;

(b) the expiration of twelve months from the date hereof unless Purchaser shall have paid an additional $5,000.00 of earnest money to Sellers;

(c) the expiration of eighteen months from the date hereof unless Purchaser shall have paid an additional $5,000.00 of earnest money to Sellers;

(d) the expiration of twenty-four months from the date hereof in any event.

Sellers agree to cooperate with Purchaser in accomplishing said rezoning including the execution of documents and appearance at hearings reasonably necessary to accomplish the rezoning provided that Purchaser shall reimburse Sellers for their out-of-pocket expenses in performing such acts.

It is contemplated that the rezoning to be accomplished by Purchaser shall be for such use as will make the real estate more valuable. Purchaser agrees to exert a reasonable effort to accomplish such rezoning.

If this contract shall terminate as above provided, Sellers may retain all earnest money previously paid to ...


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