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Keene Corp. v. Chapple

decided: September 9, 1983.

KEENE CORPORATION, PLAINTIFF-APPELLEE,
v.
JOHN F. CHAPPLE, DEFENDANT-APPELLANT



Appeal from the United States District Court for the Northern District of Illinois, Eastern Division. No. 79 C 78 -- George N. Leighton, Judge.

Pell and Cudahy, Circuit Judges, and Bartels, Senior District Judge.*fn*

Author: Cudahy

CUDAHY, Circuit Judge.

Appellant Chapple appeals from an order granting summary judgment in favor of Keene Corporation ("Keene"). The case arose out of a dispute concerning the terms of an option to purchase real estate. The district court held that Keene had effectively exercised its option to purchase and ordered Chapple to convey the land. We affirm.

Background

John F. Chapple became the successor-lessor on a lease assigned to him on December 23, 1968. Keene Corporation became the successor-lessee on the same lease in 1971. This lease covered improved real estate commonly known as Lot 11. The lease contained an option to purchase Lot 11 and an additional option to purchase unimproved real estate known as Lot 10. The option provided for decreases in the purchase price of Lot 11 tied to the length of the lessee's occupancy as follows:

24. Landlord grants to Tenant the option to purchase the Premises [Lot 11] during the term hereof and during the times and at the prices hereinafter set forth:

After five (5) years from

Date of Occupancy*fn1 $267,000.00

After six (6) years from

Date of Occupancy $260,000.00

After eight (8) years from

Date of Occupancy ...


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