Illinois Commercial/Industrial Lease Agreement – PDF Template
Legal document that allows for the rental of space from a property owner (“Landlord”) to a willing lessee (“Tenant”) in exchange for monthly rent. Depending on the marketability of the space, the tenant may enter the lease as a;
- Triple Net (NNN) – An agreement whereas 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 landlord and a portion of the utilities and expenses related to the property.
- Gross – The tenant pays one amount to the landlord every month and the owner is responsible for paying all expenses and fees associated with the property.
- Percentage – Common in city locations, where the landlord receives a percentage of the gross sales over a certain amount or threshold.
All non percentage rent leases are usually measured on a square foot (SF) basis. If the landlord is accepting a tenant’s 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 the commercial lease needs formal authority as with large companies or is complicated, a letter of intent outlines the details of the contract before a lease is written.