YPI 180 N. LaSalle Owner v. 180 N. LaSalle II

Parties entered into purchase agreement for commerciaql property for $124 million, with purchase price less million earnest money to be deposited with escrow agent two business days prior to closing. One commercial lender from Ireland backed out of financing due to economic conditions in Ireland, and parties executed six amendments to agreement. Closing did not occur, and Buyer sued to resciend contract and recover $6 million in earnest money. Court properly granted Seller's Section 2-615 motion to dismiss, as complaint failed to allege sufficient facts warranting rescission of contract under doctrine of impossibility of performance. Buyer's failure to obtain commercially-practical financing they sought was not an adequate ground to rescind contract under doctrine of impossibility of performance, as the potential for this inability was reasonably foreseeable. (PATTI and LAMPKIN, concurring.)