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Illinois Commercial Industrial Lease Agreement Template


Illinois Commercial Industrial Lease Agreement Template
Illinois Commercial Industrial Lease Agreement Template
1
Approved by Legal Counsel for use by Members of the Board of REALTORS®
This is a legally binding lease. If not understood, consult an attorney.
COMMERCIAL AND INDUSTRIAL LEASE AGREEMENT
THIS LEASE is made as of __________________________________________________,
between
______________________________________________________________________________________(“Less
or”),
______________________________________________________________________________________
and
______________________________________________________________________________________(“Less
ee”), with an address of ___________________________________________________________________, who
hereby agree as follows:
1. PREMISES. Subject to the covenants and conditions of this Lease. Lessor leases to Lessee, and
Lessee leases from Lessor, the premises (the “Premises”) commonly known and numbered as
__________________________________________________________________________________ in the City
of _______________________, County of ____________________________________, State of
__________________, and further described as:
___________________________________________________________________________
___________________________________________________________________________
together with the right of ingress and egress and the non-exclusive use of common areas, if any.
2. USE OF PREMISES. The Premises shall be used only ___________________________________
___________________________________________________________________________________________
__________________________________________________(collectively, the “Permitted Use”).
3. TERM. The term of this Lease (the “Term”) is for ___________________________years
and____________ months, commencing on the _________________day
of__________________________________,
_________, and ending on the __________ day of _______________________, ___________.
4. RENT PAYMENTS. Lessee shall pay rent to Lessor $____________________________________
___________________________________________________________________________________________
as rent in monthly installments, each due and payable in advance without notice or demand at Lessor’s above stated
address, or at any other place Lessor designates in writing. The first monthly rent installment of
$_________________________ shall be paid _______________________________________and all subsequent
monthly rent installments shall be due on the _____________ day of each succeeding month during the Term. The
amount of each monthly rent installment shall be as follows:
______________________________________________
______________________________________________
5. SECURITY DEPOSIT. Concurrently with execution of this Lease, Lessee shall deliver to Lessor $
________________________ as security for the performance by Lessee of every covenant and condition of this
Lease (the “Security Deposit”). Said Security Deposit may be co-mingled with other funds of Lessor and shall bear no
interest. If Lessee shall default with respect to any covenant or condition of this Lease, including, but not limited to the
payment of rent, Lessor may apply the whole or any part of such Security Deposit to the payment of any sum in default
or any sum which Lessor may be required to spend by reason of Lessee’s default. If any portion of the Security Deposit
is so applied, Lessee, upon demand by Lessor, shall deposit cash with Lessor in an amount sufficient to restore the
Security Deposit to its original amount. Should Lessee comply with all of the covenants and conditions of this Lease,
the Security Deposit or any balance thereof shall be returned to Lessee promptly after expiration of the term thereof.
6. POSSESSION AT BEGINNING OF TERM. Lessor shall use due diligence to give possession as
nearly as possible at the beginning of the Term. Rent shall abate pro rata for the period of any delay in giving Lessee
possession, but the Term shall not be extended as a result of such delay. Lessee shall make no other claim against
Lessor for delay in obtaining possession.
7. PROPERTY INSURANCE. Lessee shall comply with all insurance regulations so the lowest property
damage, including loss of rent and liability insurance rates may be obtained; and nothing shall be done or kept in or on
the Premises by Lessee which shall cause an increase in the premium for any such insurance on the Premises or on any
building of which the Premises are a part or on any improvements located therein, over the lowest rate obtainable or
which shall cause cancellation or make void any such insurance. If, during the term, the premium for any such insurance
maintained by Lessor with respect to the premises are so increased as a result of Lessee’s use or occupancy, or if the
premiums for such insurance are increased in excess of the premium charged for the policy year ___________, as a
result of a premium rate increase or an increase in the amount of coverage required, then Lessee shall pay to Lessor, as
additional rent, the amount of such increase within thirty (30) days after receipt of Lessor’s billing statement and demand
for payment of same. The amount payable by Lessee under this section shall be pro rated for the partial years, if any, in
which this Lease commences and terminates. Lessee shall maintain, at all times during the Term, adequate insurance on
its personal property used, stored or kept in the premises.
8. INDEMNITY AND LIABILITY INSURANCE. Lessee shall at all times indemnify, defend and hold
Lessor harmless from all loss, liability, costs, damages and expenses that may occur or be claimed with respect to any
Illinois Commercial Industrial Lease Agreement Template
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