Joyce v. Fidelity Real Estate Growth Fund II, L.P.

Illinois Appellate Court
Civil Court
Citation
Case Number: 
2013 IL App (1st) 121697
Decision Date: 
June 19, 2013
District: 
1st Dist.
Division/County: 
Cook Co., 3d Div.
Justice: 
HYMAN
Holding: 
Affirmed.
LLC owner and developer of luxury condominium sued lender, claiming breach of forbearance agreement by filing deed in lieu of foreclosure in absence of material default. Court properly entered summary judgment for lender, as borrower committed a material default in failing to meet aggregate sales goal. Court properly followed intent of parties when they entered into forbearance agreement, per schedule set out in agreement, and thus borrowers should be credited net amount for parking space exchange transaction. Express terms of forbearance agreement permitted lender to file deed in lieu of foreclosure upon any event of default. (NEVILLE and STERBA, concurring.)