Illinois Commercial Lease Agreement
An Illinois commercial lease agreement states the conditions upon a retail, industrial, or office tenant should conduct themselves through the length of the contract. A typical agreement should detail the basic elements which state the fees and bills to be paid by each party concerning items such as electricity, water/sewer, landscaping, etc. Due to the amount of money invested by the landlord and tenant, the term is usually between two (2) to five (5) years with renewals at a predetermined increase rate.
Due to the financial implications of this type of contract, it is advised that it be signed with a notary public witnessing the signatures.
- For questions about State laws, landlords and tenants should refer to Commercial Landlord and Tenant Practices