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SCHIPPER & BLOCK v. CARSON PIRIE SCOTT & CO.

Gen. No. 68-87.

122 Ill. App.2d 34 (1970)

256 N.E.2d 854

Schipper & Block, Incorporated, an Illinois Corporation, Plaintiff-Appellant, v. Carson Pirie Scott & Company, an Illinois Corporation, Defendant-Appellee.

Appellate Court of Illinois — Third District.

Rehearing denied April 16, 1970.

Attorney(s) appearing for the Case

Leiter, Newlin, Fraser, Parkhurst & McCord, of Peoria, and Wilson and McIlvaine, of Chicago, for appellant.

Davis, Morgan & Witherell, of Peoria, and Sidley and Austin, of Chicago, for appellee.

RYAN, J.

Plaintiff is the owner and lessor of a department store building which is leased to the defendant under a 99-year lease which commenced in 1914. It is a net lease with the lessee paying taxes and insurance on the property. Based on an appraisal of the building and land acceptable to the lessor and lessee in 1914, the lease provides for a rental figure of 6% of the appraised value of the land and buildings at...

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