Illinois Commercial Lease Agreement
An Illinois Commercial Lease Agreement is a binding contract between a landlord and a commercial entity (tenant). When the property owner leases a space to a business entity, there are several considerations taken into place. For example, will the business require any significant changes to the property as for property owner and the tenants will need to know details on the premises, rent among others.
When filling out an Illinois commercial lease agreement form the parties involved must fully understand the implications of the terms stated within it. The agreement of the parties involved will help avoid any confusion in future litigations. Once the document is filled, and the parties involved agree, it should be signed to be effective.
How to Write an Illinois Commercial Lease Agreement
Any commercial lease agreement must include the landlords and tenant’s information (full name, address, city, state, and zip code). Landlord and tenant information can be entered in “landlord information” and “tenant information” sections respectively.
An Illinois commercial rental agreement must also include the rented property information. The information required includes the premises address, city, state, zip and premises type. As the landlord, you can also provide more details about the business activities expected on the leased premises. This should include what the day-to-day business operations will entail in “Premises Information” section.
You will also be able to add guidelines the tenants should adhere to in “premises guidelines” section. If there’s a minimum age for tenants, click on “yes” checkbox and it’ll expand a new box allowing you to enter the minimum age for a tenant on the premises. Other guidelines such as smoking, pets, tenants modifications to the premises, parking, subleasing require only simple “yes” or “no” answers.
Illinois commercial landlord-tenant law allows the landlord to enter the rented/leased property without notice for an emergency. However, the landlord should give considerable notice before accessing the leased/rented premises for non-emergency.
In “Term of the Agreement” you should indicate the lease period from when the lease agreement starts and when it ends. If you’re renting the property, you should be able to note when the commercial rental agreement begins and how it shall be renewed.
Our Illinois commercial lease agreement allows you to customize how the tenant will pay the rent, the mode of payment and the amount to be paid. It’ll also ask if the tenant is supposed to pay a given percentage of the profits- check “no” if you’ll not be requesting a percentage of the sales/profits or yes if you will be requesting for a cut of the sales/profits.
You can also indicate whether there any penalties for late rent payment or returned checks if any security deposit is needed through a series of simple questions.
In “Tenant Responsibilities” it’ll ask you if the tenant is required to perform any duties or maintenance in and around the premises. If you click “yes” option, it will expand to allow you to capture such details.
In the “additions/appendixes” section of the Illinois commercial lease agreement form, you’ll be able to indicate whether blueprints and inspection report are available. Lastly, choose when the document will be signed and the number of witnesses available.