During a prospective sale, landlords must also disclose whether the property has tested positive for radon gas. They must also provide two pamphlets to renters:. There are a few other aspects of the lease that should be covered in the agreement. These include:. Writing a commercial lease document will require that many factors are taken into consideration.
Here are a few to consider including:. To start, the names of all involved parties will need to be included at the top. Unlike a standard lease, the names of both the landlord and the renter, as well as the business name, should be included. If there is a management company for the property, this name should be included. Finally, zoning info and the property address needs to be recorded towards the top as well.
Another aspect of the lease agreement that must be firmly established is the terms of the lease. This is because these rentals tend to last for years, if not decades. For this reason, the date that the rental agreement begins and ends needs to be noted.
Additionally, since sometimes businesses fail, a plan of action should be created. Sometimes, landlords permit an owner of a failed company to not pay rent on the property, but this is typically on a case-by-case basis, and policy regarding this should be clearly established in this section. This can also include insurance for the space. While this is typically carried out by the landlord, some leases attribute some repair and maintenance duties to the renter.
The terms that the property falls under should be firmly established here. Parking spaces can be a major luxury for a business that they can extend to their customers. If additional rent is required for the upkeep and maintenance of allocated parking spaces, the agreement should clearly state this.
Finally, a space that is designated for the names of each party will need to be provided. In total, barring any subleases, there should be at least four spaces so that each party can both sign and print their names. After this, a space to date the signatures should also be provided. In Illinois, a notary may be used, but it is not required by law to have the document notarized.
The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. DOC Create document. In Illinois and in other states, there are typically three commercial lease types that are most common: Gross Leases: In most cases, tenants tend to prefer this kind of lease because the tenant is only responsible for the rental value of the property.
With this kind of lease, the landlord pays the property insurance, taxes, maintenance costs, and at least some of the utilities. Triple Net Leases: With a triple net lease, the landlord has a more favorable arrangement.
The tenant is required to not only pay the rental value for the property but the insurance, property tax, and any additional expenses as well. Modified Gross Leases: For many, this is a hybrid option that can be very attractive for both parties. With a modified gross lease, both parties determine which building costs each party will be responsible to pay.
For example, with a modified gross lease, the tenant may pay the rental value, the insurance, and the maintenance costs, while the landlord will pay the property tax and any additional expenses. Disclosures Required for an Illinois Commercial Lease The state of Illinois requires that every landlord ensure that every prospective commercial tenant is made aware of any defects or information that is expected to be disclosed by law.
If any questions cannot be answered easily, it is highly recommended the business-tenant has a licensed realtor check over the document. For example, landlords do not have to give a lead paint disclosure, notices about radon, or notices relating to anything else. Illinois Commercial Leasing Guidebook. Provides a clear overview of all laws and statutes.
Illinois Commercial Lease Agreement. Email Delivery.
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