Illinois Commercial/Industrial Lease Agreement – PDF Template
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.