Updated October 11, 2023
An Illinois commercial lease agreement is used to document a rental agreement between a commercial entity and a property owner or landlord. A legally binding contract once signed, the lease agreement outlines all the terms and conditions associated with the arrangement, such as the length of the lease, rent amount, security deposit, exclusivity, and subleasing. Because Illinois’ tenant protection laws only apply to residential tenants, it is important to ensure that both parties fully comprehend the implications of all the clauses contained within the contract before signing. This document is typically used for leasing industrial, retail, or office space.
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