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PROVIDENT FED. SAV. & LOAN v. REALTY CENTRE

No. 80-540.

101 Ill. App.3d 277 (1981)

428 N.E.2d 170

PROVIDENT FEDERAL SAVINGS AND LOAN ASSOCIATION, Plaintiff-Appellant, v. REALTY CENTRE, LTD., et al., Defendants-Appellees.

Appellate Court of Illinois — Third District.

Modified on denial of rehearing November 24, 1981.

Attorney(s) appearing for the Case

Eric E. Hasselberg, of Sweat & Sweat, of Peoria, for appellant.

Rudolph J. Westphal, of Peoria, for appellee Realty Centre, Ltd.

Randall Moon, of Peoria, for appellees Alan J. Campbell, G. Rodger Moon, and Roland D. Wilken.

Reversed and remanded.

Mr. JUSTICE BARRY delivered the opinion of the court:

In 1975 Realty Centre, Ltd., executed a promissory note to Provident Federal Savings and Loan Association for the sum of $375,000 at 10 percent interest with the note being secured by a brick office building in Peoria. The note contained the following provision:

"The terms and conditions under which this loan is made are predicated on the continued ownership by the undersigned...

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