Common use of Legal Proceeding Clause in Contracts

Legal Proceeding. The Partnership is a defendant in a class action suit related to the practice of giving discounts for the early or timely payments of rent at Park Place Apartments ("Park Place") and Marine Terrace Apartments, a previously owned property. The central issue of the complaint is whether the operative lease violated a Chicago municipal ordinance relating to late fee charges because it allowed tenants a discount if rent was paid on or before the first of the month. The allegation was that, notwithstanding the stated rental rate and printed discount, the practice represented an unlawful means of exacting late fee charges. In addition to seeking damages for any "forfeited" discounts, plaintiffs seek statutory damages of two months rent per lease violation and reasonable attorneys' fees. To be eligible for such damages plaintiffs must prove that the defendants deliberately used a provision prohibited by the ordinance. During 1994, the Court ruled in favor of the defendants, and accepted the Partnership's Motion to Dismiss the Plaintiff's Third Amended Complaint. The plaintiffs filed an appeal with the Appellate Court of Illinois, First District. During 1996, the decision was reversed on appeal and the case remanded to trial court for further proceedings. The defendants intend to vigorously defend this case. Continued discussions with Plaintiffs' counsel have resulted in a tentative settlement which was presented to the court in December, 1998. Although the settlement has not been finalized, the Partnership recorded provisions totaling $1,015,000 in the 1998 and 1997 consolidated financial statements of $733,000 and $282,000, respectively.

Appears in 3 contracts

Samples: Agreement and Plan of Merger (Krupp Family Limited Partnership 94), Agreement and Plan of Merger (Krupp Family Limited Partnership 94), Agreement and Plan of Merger (Krupp Family Limited Partnership 94)

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Legal Proceeding. The Partnership is a defendant in a class action suit related to the practice of giving discounts for the early or timely payments of rent at Park Place Apartments ("Park Place") and Marine Terrace Apartments, a previously owned property. The central issue of the complaint is was whether the operative lease violated a Chicago municipal ordinance relating to late fee charges because it allowed tenants a discount if rent was paid on or before the first of the month. The allegation was that, notwithstanding the stated rental rate and printed discount, the practice represented an unlawful means of exacting late fee charges. In addition to seeking damages for any "forfeited" discounts, plaintiffs seek statutory damages of two months rent per lease violation and reasonable attorneys' fees. To be eligible for such damages damages, plaintiffs must prove that the defendants deliberately used a provision prohibited by the ordinance. During 1994, the Court ruled in favor of the defendants, defendants and accepted the Partnership's Motion to Dismiss the Plaintiff's Third Amended Complaint. The plaintiffs filed an appeal with the Appellate Court of Illinois, First District. During 1996, the decision was reversed on appeal and the case remanded to trial court for further proceedings. The defendants intend have continued to vigorously defend this the case. Continued discussions with Plaintiffs' counsel have resulted in a tentative settlement which was presented to the court in Decemberon July 28, 19981999. Although The court granted preliminary approval of the settlement has not been finalized, the Partnership recorded provisions totaling $1,015,000 in the 1998 agreement and 1997 consolidated financial statements of $733,000 and $282,000, respectively.a hearing XXXXX REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY NOTES TO (UNAUDITED) CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Appears in 3 contracts

Samples: Agreement and Plan of Merger (Krupp Family Limited Partnership 94), Agreement and Plan of Merger (Krupp Family Limited Partnership 94), Agreement and Plan of Merger (Krupp Family Limited Partnership 94)

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