The process of leasing commercial space in Illinois usually involves the prospective tenant first viewing a space and expressing interest in a particular space in an office building or retail center. The landlord or landlord’s broker then submits a proposal or term sheet to the tenant with the major terms of the lease. After the landlord and tenant have agreed on the major terms of the lease, the landlord or landlord’s attorney will prepare a lease for the tenant to review. Important clauses in Illinois commercial leases often include:
- Payment of Rent Provisions including Rent Abatement Provisions
- Common Area and Property Tax Payment Provisions
- Landlord and Tenant Repair and Maintenance Obligations
- Indemnification
- Attorney’s Fees
- Waivers of Subrogation
- “As Is” or Disclaimers of Warranties
- Substitution or Relocation Clause
- Renewal Options
- Landlord Buildout and Landlord Work Obligations
- Tenant Buildout Allowance
- Landlord Remedies upon Default, including Acceleration of Rent Provisions and Mitigation of Damages Provisions
Linnemeyer Law, LLC can assist you with all aspects of your company, from initial business formation through dissolving a business. An experienced Illinois business lawyer at our firm can speak with you today about drafting and reviewing a commercial lease agreement. Attorney Jonathan Linnemeyer is an experienced Commercial Lease Review Attorney, with experience representing Landlords and Tenants in all types of types of Commercial Leases, including Office Leases, Retail Leases, Restaurant Leases and Industrial Leases.