Chicago Illinois Percentage Shopping Center Lease Agreement

• Category: Landlord Tenant - Commercial Leases - Shopping Centers
• State: Multi-State
• City: Chicago
• Control #: US-01626
• Format: Word; Rich Text

Description

This form is for the lease of property to be used as a shopping center. The landlord warrants that the demised premises may be used, but not limited to such use, by tenant, among others, for the conduct of a mercantile business of the type and kind known as a variety store, discount store, dollar store or variety discount store. The Chicago Illinois Percentage Shopping Center Lease Agreement is a legally binding contract between a landlord and a tenant for the rental of retail space within a shopping center in the city of Chicago, Illinois. It outlines the terms and conditions that both parties must adhere to throughout the lease duration. This agreement specifically incorporates the concept of a percentage lease, which means that in addition to a base rent, the tenant is required to pay a percentage of their gross sales as rent. A typical Chicago Illinois Percentage Shopping Center Lease Agreement will include several key components. Firstly, it will state the names and addresses of the landlord and the tenant, along with a detailed description of the retail space being leased, including its exact location within the shopping center. The agreement will also specify the lease term, which can range from a few months to several years, and any renewal or termination options available to both parties. Additionally, the percentage lease aspect of the agreement will be thoroughly outlined. This will include provisions for calculating the percentage rent, such as the base sales amount, percentage rate, and any exclusions or deductions allowed. It will also establish how often the tenant must report their gross sales and make the necessary rental payments. Furthermore, the agreement will clearly outline the consequences of late or non-payment of rent, which may include penalties, interest, or even termination of the lease. Various types of Chicago Illinois Percentage Shopping Center Lease Agreements may exist, depending on specific circumstances and the parties involved. For instance, there may be agreements tailored to small independent retailers, large national chains, or even specific industries like restaurants or fashion stores. Each agreement will have its own set of terms and conditions, but all will incorporate the fundamental concept of basing a portion of the rent on the tenant's sales performance. In summary, the Chicago Illinois Percentage Shopping Center Lease Agreement is a comprehensive contract that governs the rental of retail space within a shopping center in Chicago. It incorporates the concept of a percentage lease, where the tenant pays a portion of their gross sales as rent. Its various types cater to different types of tenants and industries and outline the specific terms and conditions for each arrangement.

The Chicago Illinois Percentage Shopping Center Lease Agreement is a legally binding contract between a landlord and a tenant for the rental of retail space within a shopping center in the city of Chicago, Illinois. It outlines the terms and conditions that both parties must adhere to throughout the lease duration. This agreement specifically incorporates the concept of a percentage lease, which means that in addition to a base rent, the tenant is required to pay a percentage of their gross sales as rent. A typical Chicago Illinois Percentage Shopping Center Lease Agreement will include several key components. Firstly, it will state the names and addresses of the landlord and the tenant, along with a detailed description of the retail space being leased, including its exact location within the shopping center. The agreement will also specify the lease term, which can range from a few months to several years, and any renewal or termination options available to both parties. Additionally, the percentage lease aspect of the agreement will be thoroughly outlined. This will include provisions for calculating the percentage rent, such as the base sales amount, percentage rate, and any exclusions or deductions allowed. It will also establish how often the tenant must report their gross sales and make the necessary rental payments. Furthermore, the agreement will clearly outline the consequences of late or non-payment of rent, which may include penalties, interest, or even termination of the lease. Various types of Chicago Illinois Percentage Shopping Center Lease Agreements may exist, depending on specific circumstances and the parties involved. For instance, there may be agreements tailored to small independent retailers, large national chains, or even specific industries like restaurants or fashion stores. Each agreement will have its own set of terms and conditions, but all will incorporate the fundamental concept of basing a portion of the rent on the tenant's sales performance. In summary, the Chicago Illinois Percentage Shopping Center Lease Agreement is a comprehensive contract that governs the rental of retail space within a shopping center in Chicago. It incorporates the concept of a percentage lease, where the tenant pays a portion of their gross sales as rent. Its various types cater to different types of tenants and industries and outline the specific terms and conditions for each arrangement.