Chicago Illinois Commercial Lease Agreement with Option to Renew and Right to Make Alterations

• Category: Landlord Tenant - Commercial Leases
• State: Multi-State
• City: Chicago
• Control #: US-0208BG
• Format: Word; Rich Text

Description

This form is a commercial lease agreement with the option to renew. The form also gives the lessee the right to make alterations. A Chicago Illinois Commercial Lease Agreement with Option to Renew and Right to Make Alterations is a legally binding contract between a landlord and a tenant for the rental of commercial property in the city of Chicago, Illinois. This type of lease agreement provides the tenant with the opportunity to extend the lease term beyond the initial fixed term, while also granting them the right to make alterations or improvements to the leased premises. The main purpose of a commercial lease agreement with an option to renew is to set forth the terms and conditions under which the tenant can exercise their right to continue leasing the property for an additional period. This option is typically granted upon the expiration of the initial lease term and can be for a predetermined duration, such as another one, three, five, or ten years. Additionally, this type of lease agreement allows the tenant to make alterations or improvements to the leased premises. These alterations can range from minor modifications such as painting or installing fixtures to significant renovations that may involve structural changes. However, it is essential to note that the extent of the alterations allowed may be subject to the landlord's approval and compliance with relevant building codes and regulations. There are different variations of a Chicago Illinois Commercial Lease Agreement with Option to Renew and Right to Make Alterations, each tailored to meet specific requirements. Some common types include: 1. Gross Lease Agreement with Option to Renew and Right to Make Alterations: In this type of agreement, the tenant pays a fixed amount of rent, and the landlord is responsible for covering all property-related expenses, including utilities, maintenance, and taxes. The tenant has the option to renew the lease upon expiration and can make alterations with the landlord's consent. 2. Net Lease Agreement with Option to Renew and Right to Make Alterations: In a net lease agreement, the tenant pays a base rent along with additional expenses such as property taxes, insurance, and maintenance costs. The option to renew and right to make alterations would still be included in this type of lease. 3. Percentage Lease Agreement with Option to Renew and Right to Make Alterations: This type of lease is commonly used in retail businesses. The tenant pays a base rent plus a percentage of their sales revenue. The tenant has the option to renew and can make alterations to the leased premises. 4. Ground Lease Agreement with Option to Renew and Right to Make Alterations: A ground lease agreement is used when the tenant is interested in leasing the land only. This type of lease allows the tenant to construct their own building on the property, along with the right to renew and make alterations. It is crucial for both parties to carefully review and negotiate the terms and conditions of the lease agreement, ensuring that all rights, obligations, and renewal options are clearly specified. Seeking professional legal advice is highly recommended ensuring compliance with local laws and regulations.

A Chicago Illinois Commercial Lease Agreement with Option to Renew and Right to Make Alterations is a legally binding contract between a landlord and a tenant for the rental of commercial property in the city of Chicago, Illinois. This type of lease agreement provides the tenant with the opportunity to extend the lease term beyond the initial fixed term, while also granting them the right to make alterations or improvements to the leased premises. The main purpose of a commercial lease agreement with an option to renew is to set forth the terms and conditions under which the tenant can exercise their right to continue leasing the property for an additional period. This option is typically granted upon the expiration of the initial lease term and can be for a predetermined duration, such as another one, three, five, or ten years. Additionally, this type of lease agreement allows the tenant to make alterations or improvements to the leased premises. These alterations can range from minor modifications such as painting or installing fixtures to significant renovations that may involve structural changes. However, it is essential to note that the extent of the alterations allowed may be subject to the landlord's approval and compliance with relevant building codes and regulations. There are different variations of a Chicago Illinois Commercial Lease Agreement with Option to Renew and Right to Make Alterations, each tailored to meet specific requirements. Some common types include: 1. Gross Lease Agreement with Option to Renew and Right to Make Alterations: In this type of agreement, the tenant pays a fixed amount of rent, and the landlord is responsible for covering all property-related expenses, including utilities, maintenance, and taxes. The tenant has the option to renew the lease upon expiration and can make alterations with the landlord's consent. 2. Net Lease Agreement with Option to Renew and Right to Make Alterations: In a net lease agreement, the tenant pays a base rent along with additional expenses such as property taxes, insurance, and maintenance costs. The option to renew and right to make alterations would still be included in this type of lease. 3. Percentage Lease Agreement with Option to Renew and Right to Make Alterations: This type of lease is commonly used in retail businesses. The tenant pays a base rent plus a percentage of their sales revenue. The tenant has the option to renew and can make alterations to the leased premises. 4. Ground Lease Agreement with Option to Renew and Right to Make Alterations: A ground lease agreement is used when the tenant is interested in leasing the land only. This type of lease allows the tenant to construct their own building on the property, along with the right to renew and make alterations. It is crucial for both parties to carefully review and negotiate the terms and conditions of the lease agreement, ensuring that all rights, obligations, and renewal options are clearly specified. Seeking professional legal advice is highly recommended ensuring compliance with local laws and regulations.