YPI 180 N. LaSalle Owner, LLC v. 180 n. LaSalle II, LLC

933 N.E.2d 860 (2010)

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YPI 180 N. LaSalle Owner, LLC v. 180 n. LaSalle II, LLC

Appellate Court of Illinois
933 N.E.2d 860 (2010)

SR

Facts

On August 12, 2008, Younan Properties, Inc. (Younan) agreed to purchase commercial property from 180 N. LaSalle II, LLC (La Salle) (defendant) for $124 million. Younan assigned all its rights in the contract to YPI 180 N. LaSalle Owner, LLC (YPI) (plaintiff). Younan and YPI were jointly and severally liable under the contract of sale. Pursuant to the contract and its subsequent amendments, La Salle was paid $6 million in earnest money deposits prior to closing. The contract of sale stated that the earnest money deposits were non-refundable unless LaSalle failed to close. In October 2008, Younan was informed that one of its lenders would not provide funding as anticipated at the time the contract of sale was formed. Ultimately, YPI was unable to close. LaSalle terminated the contract and retained the earnest money deposits. YPI filed suit to rescind the contract and to recover the earnest money on grounds that the 2008 global credit crisis made it impossible for YPI to perform under the contract. It was established at trial that Younan had assets totaling over $1.6 billion. The trial court granted LaSalle’s motion to dismiss. YPI appealed.

Rule of Law

Issue

Holding and Reasoning (Hall, J.)

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