1. PARTIESThis Commercial Lease Agreement (“Lease”) is made this [Day] day of [Month], [Year], by and between [Landlord’s Legal Name], (“Landlord”), and [Tenant’s Legal Name], (“Tenant”).
2. PREMISESLandlord is the owner of land and improvements commonly known and numbered as [Property Address] and legally described herein (the “Property”). Landlord desires to lease the Premises to Tenant upon the terms and conditions contained herein. Tenant desires to lease the Premises from Landlord on the terms and conditions as contained herein.
3. TERMThis Lease shall commence on [Start Date] and continue (unless terminated sooner) until [End Date].
4. RENTTenant agrees to pay to Landlord as base rent for the Premises, the amount of [Amount in Words] Dollars ($[Numerical Amount]) per month, due and payable monthly in advance on the 1st day of each calendar month.
5. SECURITY DEPOSITUpon execution of this Lease, Tenant will deposit with Landlord the sum of [Security Deposit Amount] as security for Tenant’s faithful performance of its obligations under this Lease.
6. USE OF PREMISESThe Premises will be used for [Describe Use]. The Premises may not be used for any other purpose without the prior written consent of Landlord.
7. REPAIR AND MAINTENANCETenant will, at its sole expense, keep and maintain the Premises and appurtenances in good and sanitary condition and repair.
8. INSURANCETenant will maintain, at its expense, liability insurance in an amount not less than [Amount in Words] Dollars ($[Numerical Amount]).
9. DEFAULTIf Tenant fails to comply with any of the material provisions of this Lease, or of any present rules and regulations governing the Premises, Landlord may terminate this Lease upon providing proper notice to Tenant.
10. ASSIGNMENT AND SUBLETTINGTenant shall not sublet the Premises, or any part thereof, without prior written consent of the Landlord.
11. GOVERNING LAWThis Lease shall be construed in accordance with the laws of the State of Illinois.
12. ENTIRE AGREEMENTThis Lease contains all the terms agreed to by the parties relating to its subject matter including any attachments or addenda.
13. SIGNATURESLandlord and Tenant each represent to the other that the individual executing this Lease on their behalf is authorized to do so. [Landlord’s Legal Name]
[Tenant’s Legal Name]
Please note: This template does not constitute legal advice. This is for reference purposes and should not replace legal counsel. Each party should consult with their legal advisor prior to signing a lease agreement.
Whether you’re a tenant or a property owner, the Commercial Lease Agreement Template Illinois is the perfect legal document to outline the terms and conditions of your lease.
This formal agreement complements other legal documents such as the Contract for Deed Template Illinois, which can be used to legally transfer ownership of property in the state of Illinois.
If you’re a landlord, alongside the commercial lease agreement, you may also find the Contract for Rental Property Illinois useful, as it allows landlords to outline specific agreements in relation to renting out their property.
Furthermore, for those involved in real estate transactions, you’ll also find the Contract for Sale of Real Estate in Illinois indispensable.
Are you renting out rooms within a larger property? The Room Rental Agreement Template Illinois will be particularly beneficial in defining each party’s obligations and rights in relation to the rented room.
Last but not least, don’t forget the Occupancy Agreement Template Illinois, another key legal document regarding tenant rights and responsibilities for landlords and tenants alike. These comprehensive documents aim to ensure both parties are protected in any leasing or rental scenario.