This Illinois Commercial Lease Agreement does a great job of affording a building owner the necessary options and protections needed when leasing out space to a small business. Embedded within this 10 page document are numerous covenants and conditions which can be tailored to the needs of both parties negotiating the lease, including the three available expense options:
Modified Gross – The tenant is responsible for specific additional expenses (aside from the base rent amount) that are added in the lease.
Triple Net (NNN) – The tenant must pay their base rent and for their share of the operating expenses of the entire building which usually includes utilities, real estate taxes, insurance, charges, or other expenses in connection with the ownership and operation of the premises. The expenses are typically calculated by determining the tenant’s percentage of the total building area square footage.
Illinois Commercial Real Estate Law