Il Commercial Sublease Agreement

This is a legally binding contract between an owner who owns a commercial property and a tenant who wishes to lease the commercial property for the purpose of operating a business. Commercial property for rent usually falls into a category of retail, office or industrial space. A commercial lease in Illinois is a written contract used to lease office, retail, or industrial space. This document defines the conditions for renting the surface and is usually longer than a standard lease agreement for residential buildings, given that commercial real estate is much more expensive to maintain. Subtenant: The subtenant is the person who rents the commercial space by the original tenant, also known as Sublandlord. The subtenant makes rental payments and reports any rental or property issues to the Sublandlord. The landlord must grant the tenant permission to sublet the area. Before completing this agreement form, ensure that both parties fully understand the impact of the negotiable terms set out therein. This will help both sides avoid confusion and even legal proceedings…

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