Illinois Commercial/Industrial Lease Agreement – PDF Template

License / Price: Free
Version: Adobe PDF (.pdf)
File size: 261 Kb
14,406 Downloads
1 Star2 Stars3 Stars4 Stars5 Stars (23 votes, average: 3.35 out of 5)
Loading...

An Illinois commercial/industrial lease agreement is a legal document that allows a property owner (landlord) to rent commercial/industrial property to a willing lessee (tenant). Depending on the marketability of the space, the tenant may enter the lease as a;

  • Triple Net (NNN) – An agreement wherein the tenant pays a monthly amount and all fees associated with the property including, but not limited to, taxes, insurance, utilities, and common area maintenance (CAM’s).
  • Modified Gross – Tenant pays a monthly amount to the landlord and a portion of the utilities and expenses related to the property.
  • Gross – The tenant pays a monthly amount to the landlord and the owner is responsible for paying all expenses and fees associated with the property.
  • Percentage – The landlord receives a percentage of the gross sales over a certain amount or threshold; common in city locations.

All non-percentage rent leases are usually measured on a square foot (SF) basis. If the landlord is accepting the tenant as a business entity, it is recommended to make sure it is in good standing by verifying with the Secretary of State. If the business is new, a personal guaranty should be authorized and attached to the agreement.

  • Letter of Intent – If formal authority is required, as is common with large and/or complex companies, this letter of intent enables the parties to outline the details of the contract before a lease is written.