BELLEVILLE — The owners of a leased commercial property in Fairview Heights claims UMG Events and Torque Esports failed to pay rent, which has caused them to suffer financial distress in an already "volatile" economy.
Hubbard Investment Fund filed a complaint Oct. 5 in the St. Clair County Circuit Court against UMG Events LLC and Torque Esports Corp., alleging breach of lease and detrimental reliance.
According to the complaint, Hubbard Investment Fund and the defendants entered into a seven year, one month, lease agreement on Jan. 17, 2018, to rent a commercial space located at 2 Market Place in Fairview Heights with the rental price of $84,000 per year or $7,000 per month. The lease agreement commenced on Feb. 1, 2020, and is expected to end on March 31, 2025. Hubbard Investment Fund alleges the defendants are in breach of the lease agreement. The plaintiff claims the defendants have held possession of the property but have failed to pay the rent per the lease agreement.
Hubbard Investment alleges that the defendants' failure to pay the rent has resulted in the plaintiff being unable to restore the premises to "it's original marketable condition" and rent the space to other tenants during a "volatile business climate." Hubbard Investments also claims it has suffered financial losses with legal costs.
Hubbard Investments seeks compensation of more than $50,000 and all other just relief. They are represented by Grey Chatham, Jr., of Chatham & Baricevic in Belleville.
St. Clair County case number 20-L-0766