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Illinois Residential Lease Agreement


Illinois Residential Lease Agreement
Illinois Residential Lease Agreement
Illinois Residential Lease Agreement
THIS AGREEMENT (hereinafter referred to as the "Illinois Lease Agreement") is made and
entered into this ____ day of _______________, 20____, by and between
___________________________________ (hereinafter referred to as "Landlord") and
________________________________________ (hereinafter referred to as "Tenant." For and in
consideration of the covenants and obligations contained herein and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
hereby agree as follows:
1. PROPERTY. Landlord owns certain real property and improvements located at ____________________
(hereinafter referred to as 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.
2. TERM. This Illinois Lease Agreement shall commence on ________________________ and shall continue as
a lease for term. The termination date shall be on ___________________ at 11:59 PM. Upon termination
date, Tenant shall be required to vacate the Premises unless one of the following circumstances occur:
(i) Landlord and Tenant formally extend this Illinois Lease Agreement in writing or create and execute a
new, written, and signed Illinois Lease Agreement; or
(ii) Landlord willingly accepts new Rent from Tenant, which does not constitute past due Rent.
In the event that Landlord accepts new rent from Tenant after the termination date, a month-to-month tenancy
shall be created. If at any time either party desires to terminate the month-to-month tenancy, such party may
do so by providing to the other party written notice of intention to terminate at least 30 days prior to the desired
date of termination of the month-to-month tenancy.
Notices to terminate may be given on any calendar day, irrespective of Commencement Date. Rent shall
continue at the rate specified in this Illinois Lease Agreement, or as allowed by law. All other terms and
conditions as outlined in this Illinois Lease Agreement shall remain in full force and effect. Time is of the
essence for providing notice of termination (strict compliance with dates by which notice must be provided is
required).
3. RENT. Tenant shall pay to Landlord the sum of $______________ per month as Rent for the Term of the
Agreement. Due date for Rent payment shall be the 1st day of each calendar month and shall be considered
advance payment for that month. Weekends and holidays do not delay or excuse Tenant’s obligation to timely
pay rent.
A. Delinquent Rent. If not paid on the 1st, Rent shall be considered overdue and delinquent on the 2nd day
of each calendar month. If Tenant fails to timely pay any month’s rent, Tenant will pay Landlord a late
charge of $_________ per day until rent is paid in full. If Landlord receives the monthly rent by the 3
rd
day of the month, Landlord will waive the late charges for that month. Any waiver of late charges
under this paragraph will not affect or diminish any other right or remedy Landlord may exercise for
Tenant’s failure to timely pay rent.
B. Prorated Rent. In the event that the Commencement Date is not the 1st of the calendar month, Rent
payment remitted on the Commencement Date shall be prorated based on a 30-day period.
C. Returned Checks. In the event that any payment by Tenant is returned for insufficient funds ("NSF") or
if Tenant stops payment, Tenant will pay $_________ to Landlord for each such check, plus late
Illinois Residential Lease Agreement
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