The Illinois Commercial Lease Agreement is a real estate contract between a property owner and an individual or entity seeking to occupy business space. The space is typically industrial, office, or retail related and on average the term/length is between two (2) and five (5) years. Due to the financial obligation of the tenant in this transaction, it is advised that the landlord seek the use of the rental application to help verify the tenant’s business credit as well as verifying it’s status with the Secretary of State.
In order to come up with the rental price, the tenant will have to decide whether to take the space “as-is” or elect to have the landlord build to suit to their preference. Due to the amount of money involved, the landlord may require the tenant to sign a personal guaranty secure any debt left behind by the business in the chance they vacate the space early or violate the agreement in any way.
All commercial lease agreements should be signed in the presence of a notary public.