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Sheridan v. Rouse & Co.

OPINION FILED OCTOBER 13, 1982.

ARTHUR SHERIDAN, PLAINTIFF-APPELLANT,

v.

JAMES W. ROUSE AND COMPANY, INC., DEFENDANT. — (STATE FARM LIFE INSURANCE COMPANY, DEFENDANT-APPELLEE.)



Appeal from the Circuit Court of Cook County; the Hon. Albert S. Porter, Judge, presiding.

JUSTICE MCGILLICUDDY DELIVERED THE OPINION OF THE COURT:

This is an appeal from an order of the circuit court of Cook County dated January 14, 1980, which granted summary judgment in favor of the defendant, State Farm Life Insurance Company (State Farm).

In 1976 the plaintiff, Arthur Sheridan, was engaged in the development and construction of a commercial shopping center in Bollingbrook, Illinois, known as Briar Square. Defendant, James W. Rouse and Company, Inc. (Rouse), was engaged in the business of obtaining loan commitments for potential borrowers. By letter dated March 4, 1976, Rouse offered to give the plaintiff a permanent first mortgage on the Briar Square property, subject to various terms and conditions. This offer was specifically conditioned on the commitment of defendant State Farm to purchase the mortgage loan from Rouse. The plaintiff accepted this offer on March 12, 1976.

The pertinent terms and conditions of State Farm's commitment to Rouse are as follows:

Paragraph 1 required Rouse to pay a $40,000 commitment fee which would be "returned upon the purchase of this loan and fulfillment of all commitment conditions."

Paragraph 6 provided that State Farm be furnished with a certificate of completion from the architect.

Paragraph 12 required that State Farm be furnished with:

"Our form of Assignment of Lessor's Interest in lease which shall include:

a. Assignment of the following leases with provisions acceptable to us, with minimum net annual rentals and lease terms remaining at the start of loan amortization as indicated:

Lucky Stores, Inc. $87,130 25 years 27,394 sq. ft.

KFC Management $11,340 10 years 1,800 sq. ft. Company (average)

KFC Management $15,120 10 years 2,400 sq. ft. Company (average)

Holiday Management $33,000 10 years 6,000 sq. ft. Company

Daley-Schroth $10,650 3 years 1,500 sq. ft." Realty

Paragraph 18 required that State Farm be furnished with leases:

"* * * in addition to those specified in condition #12 and executed by tenants approved by us, for at least 15,060 square feet of net rentable area within the security building at net annual ...


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