Defendant LLC borrowed $17 million from bank to construct a condominium development. LLC defaulted and bank sued to foreclose. Plaintiff purchased the loan from bank and entered settlement agreement with LLC with a contingent precedent requiring all units be sold before Plaintiff could sue LLC on the loan and owner on his guaranties. Many years later, Plaintiff filed complaint alleging that LLC had breached construction note and that its owner had defaulted on his payment and completion guaranties. After bench trial, court entered judgment for Plaintiff and awarded $17.031 million in damages. Court's decision was not against manifest weight of evidence. Court properly exercised its discretion by allowing Plaintiff to admit disbursement statement into evidence, as it was relevant to the key issue and was available to both parties. Court properly held LLC and owner breach their obligations under note and guaranties and then, to calculate damages, permitted Plaintiff to present witnesses and evidence on terms of settlement agreement. Court's finding that testimony and evidence showed that all expenses of LLC were paid pursuant to agreement or not challenged by owner was not against manifest weight of evidence. (WALKER and COGHLAN, concurring.)
Illinois Appellate Court
Civil Court
Breach of Contract