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BAILEY v. TIMPONE

No. 51308.

75 Ill.2d 539 (1979)

389 N.E.2d 1193

PHILLIP W. BAILEY et al., Appellants, v. RAYMOND TIMPONE et al., (Raymond Timpone, Indiv. and as Ex'r, Appellee).

Supreme Court of Illinois.

Opinion filed May 18, 1979.

Attorney(s) appearing for the Case

John T. Phipps, of Phipps & Evans, of Champaign, for appellants.

Winkelmann and Winkelmann, of Urbana, for appellees.

Appellate court reversed; circuit court affirmed.

MR. JUSTICE KLUCZYNSKI delivered the opinion of the court:

Plaintiffs are lessees under a lease dated August 31, 1974, and assigned to them effective February 24, 1975. At the end of 1975, plaintiffs gave notice of the exercise of their option to renew the lease for 10 years. Under the terms of the lease the determination of the amount of rent to be paid on renewal was submitted to binding arbitration. The...

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