Illinois Commercial Lease Agreement – PDF – Word
An Illinois commercial lease agreement is a legal document that allows a property owner (landlord) to rent commercial/industrial property to a willing lessee (tenant). Prior to executing the contract, the parties must negotiate the rental conditions such as the lease term, monthly payment, security deposit (if any), late fees, and property expenses. Large and/or complex companies may benefit from outlining the major details of the lease in a Letter of Intent. By doing so, they effectively reduce the possibility of any inconsistent lease terms or discrepancies between the parties. A commercial lease agreement can fall into one (1) of the following categories:
- 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.
Illinois Business Entity Search – If the applicant is a business entity, the landlord may investigate their operating status by searching for their credentials on the Secretary of State website.