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GK DEVELOPMENT v. IOWA MALLS FINANCING

Docket Nos. 1-11-2802, 1-12-0432 cons.

3 N.E.3d 804 (2013)

2013 IL App (1st) 112802

378 Ill. Dec. 239

GK DEVELOPMENT, INC., an Illinois Corporation, and College Square Mall Development, LLC, a Delaware Limited Liability Company, Plaintiffs-Appellees, v. IOWA MALLS FINANCING CORPORATION, a Delaware Corporation, College Square Mall Associates, LLC, a Delaware Limited Liability Company, and Chicago Title and Trust Company, an Illinois Corporation, Defendants-Appellants.

Appellate Court of Illinois, First District, Fourth Division.

December 19, 2013.

Attorney(s) appearing for the Case

Kent Maynard, Jr. , and Heather Nicole Koffman , both of Kent Maynard & Associates LLC, of Chicago, for appellants.

J. Timothy Eaton and Jonathan B. Amarilio , both of Shefsky & Froelich Ltd., of Chicago, for appellees.

OPINION

Presiding Justice HOWSE delivered the judgment of the court, with opinion.

¶ 1 The issue presented in this case is whether a provision in a contract for the sale of four shopping centers, which required that $4.3 million of the purchase price be held in escrow from the seller's proceeds then be paid to the seller only if certain conditions are timely met, is enforceable as a liquidated damages clause or is unenforceable as a penalty.

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