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Illinois Commercial Lease Agreement

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Updated May 26, 2025

An Illinois commercial lease agreement documents a rental agreement between a commercial entity and a property owner or landlord. Once signed, it is a legally binding contract that outlines all the terms and conditions associated with the arrangement, such as the lease duration, rent, security deposit, exclusivity, and subleasing.

Required Disclosures

1. Licensee Status (conditional) – If a real estate licensee buys, sells, or leases any interest in a property, they must disclose their status as a licensee to all parties to the transaction.[1]

2. Rent Concession (conditional) – Any concessions on rent made by the landlord must be disclosed in the lease using the phrase “Concession Granted” written in half-inch font.[2]

3. Utility Payments (conditional) – The landlord cannot demand payment for master metered utilities unless the formula for determining the tenant’s required payment is included in the lease.[3]

Sample

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