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GK DEVELOPMENT, INC. v. IOWA MALLS FINANCING CORPORATION

Nos. 1-11-2802 and 1-12-0432, Consolidated.

2013 IL App (1st) 112802

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.

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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