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CERES TERMINALS v. CHICAGO CITY BANK

No. 1-91-0085.

635 N.E.2d 485 (1994)

256 Ill. App.3d 836

200 Ill.Dec. 146

CERES TERMINALS, INC., Plaintiff, Counter-defendant, Appellant, and Cross-Appellee, v. CHICAGO CITY BANK AND TRUST CO. as Trustee under Trust No. 10062, Defendants, Counter-plaintiffs, Appellees.

Appellate Court of Illinois, First District, Fifth Division.

As Amended on Denial of Rehearing May 13, 1994.

Attorney(s) appearing for the Case

Robert A. Knuti, Hugh C. Griffin, Pamela Moore-Gibbs, Diane I. Jennings, Lord, Bissell & Brook, Chicago, for appellant.

Stuart Smith, Gordon & Glickson P.C., Chicago, for appellee.

Justice GORDON delivered the opinion of the court:

BACKGROUND

In 1957, the predecessor in interest of appellant Ceres Terminals, Inc. (Ceres) entered into a 20-year lease for approximately 16 acres of waterfront property with the predecessor in interest of defendants-lessors (defendants). Under a renewal clause contained in the lease, Ceres was allowed to extend the lease after the initial 20-year period for four...

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