Lake Point Tower V United Central Bank

1870 Words8 Pages
Lake Point Tower Renaissance Plaza, LLC v. United Central Bank Doc. 37 IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION LAKE POINT TOWER RENAISSANCE PLAZA, LLC, An Illinois Limited Liability Company, Plaintiff, v. UNITED CENTRAL BANK, A Texas Corporation, Defendant. Case No. 12 C 7575 Hon. Harry D. Leinenweber MEMORANDUM OPINION AND ORDER Before the Court is Defendant United Central Bank’s Motion to Dismiss. For the reasons stated herein, the Motion is denied in part and granted in part. I. Plaintiff Lake Point BACKGROUND Tower Renaissance Plaza, LLC (“Plaintiff”) executed a Mortgage, Security Agreement and Fixture Filing (the “Loan Agreement”) in 2004 for commercial retail and office condominium space. In 2008, Defendant United Central Bank (“Defendant”) acquired the loan and received a new promissory note from Plaintiff in the amount of $5,315,000. The instant case concerns the circumstances surrounding Plaintiff’s attempts to make arrangements to repay the loan. In its Complaint, Plaintiff alleges that Defendant breached the Loan Agreement and committed tortious interference with prospective contracts by violating its obligation not to “unreasonably withhold consent” for transactions for the lease and sale of portions of the mortgaged premises. Plaintiff claims it initiated discussions with its tenants regarding their purchasing their units in May 2010. For effective negotiations to take place, Plaintiff needed minimum sale prices. The Loan Agreement requires Defendant’s approval for any such prices. In November 2011, Plaintiff began discussions with Defendant to ascertain what minimum sale prices were acceptable. In December 2011, Plaintiff provided Defendant with a list of “minimum release prices.” Plaintiff contends that it calculated these
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