Name
Age
(Tenant1.Name)
(Tenant1.Age)
(Tenant2.Name)
(Tenant2.Age)
Each occupant is jointly and individually liable for all the agreement's terms. If any occupant, Tenant, or guest violates the agreement's terms, the Tenant is considered to have violated the terms of this agreement. This violation can result in the contract's immediate termination.
The Tenant will maintain the Property in a sanitary and good condition inside and outside the residence during the agreement term, including, but not limited to:
Should any problems occur, the Tenant will send a written notice to the Landlord of any problem, malfunction, or damage. If the Tenant's negligence, fault, or guests cause the problem, the Landlord may require the Tenant to bear the costs of fixing it.
The Landlord is responsible for mechanical damages and habitable defects, like plumping, HVAC breakages, etc. The Tenant is not permitted to modify the Property, such as nails in the walls, painting it, or other modifications that might damage it beyond the standard wear and tear.
Both parties agree to adhere to the below terms.
The Landlord must provide at least twenty-four (24) hours notice before entering the Property for an inspection, necessary repairs, or showing it to potential buyers. Only in case of emergencies can the Landlord enter the premises without notice.
The Tenant agrees not to assign this agreement or sections of this agreement to other parties nor to sublet it without the written approval of the Landlord. However, if the Landlord sells the Property, they can assign it to the new owner.
The Tenant agrees not to cause excessive noise or commit waste on the premises. The Tenant further agrees to abide by all local, County, and State laws on noise ordinances, criminal conduct, and other laws.
Both parties agree to take responsibility for utilities as per the following terms:
Landlord provides for the following utilities: (Landlord.Utilities)
Tenant arranges and makes payments for the following utilities: (Tenant.Utilities)
Both parties prove for the following utilities: (BothParties.Utilities)
The Landlord calculates the utility amount using the following formula: (Utility.Formula).
The Landlord owns the keys, fobs, and keyless security to the Property. The Tenant cannot make copies of the keys or other security items. The Tenant must arrange with the Landlord for new ones at the Tenant's cost if the keys are lost. At the termination of this lease, the Tenant must return all keys to the Landlord.
Rights of termination.
This agreement terminates by 11:59 pm on (End.Date). The Tenant must immediately vacate the Property, and if not, the lease continues on a month-to-month lease.
If the Tenant violates the contract's terms or misrepresents any material fact on their rental application, it is grounds for the agreement's immediate termination. However, appropriate notice to the Tenant and procedures required by the laws of Illinois is required.
The Tenant must make the following payments on or before signing the lease and before the Tenant moves into the Property:
First Month's Prorated Rent: $ (ProratedRent.Amount)
Last Month's Rent: $ (Rent.Amount)
Security Deposit: $ (Deposit.Amount)
Other: $ (Other.Amount)
Total: $ (Total.Amount)
Landlord Contact Information: [Landlord.FirstName] [Landlord.LastName] / [Landlord.StreetAddress] [Landlord.City] [Landlord.State] [Landlord.PostalCode]
Carbon Monoxide Detectors: The Landlord must provide a written description and information on the installed carbon monoxide detectors, along with their maintenance and testing. However, the Landlord can give the written information to the Tenant after signing the lease.
Radon Contamination: Should the Landlord test the Property for radon contamination, they must provide the Tenant with the reports to keep them informed. Further, the Landlord will provide the Tenant with the IEMA-approved Radon Disclosure pamphlet and a Radon Warning Statement.
Rent Concessions: Should both parties agree on a Rent Concession agreement, the Landlord will provide written notice in this standard lease agreement.
Lead-Based Paint: The Landlord confirms this Property (was/was not) built before 1978, and lead-based paint, which is hazardous to human health, (might be/is not) present on the premises.
This agreement is interpreted and governed by the laws of Illinois. Any dispute venue will take place in the county of (County) in Illinois. However, should a dispute arise, both parties will make good-faith efforts to discuss it in person in an attempt to resolve it among themselves.
This agreement and its attachments constitute the full agreement between both parties. It supersedes all previous negotiations and commitments, whether written or oral, concerning this tenancy.
All modifications to this agreement must be in writing, and each party must sign it. Both parties acknowledge and understand all the terms in this contract and the rights it grants as expressly set forth herein.
[Landlord.FirstName] [Landlord.LastName]
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If a tenant wants to get out of a lease that is not yet expired, one option is to assign or transfer the lease to another party. For example, if a tenant signs a commercial lease for 12 months and the business stops working after 10 months, that person can attempt to assign the lease for the remaining 2 months. This can be done using an "Assignment of Lease," which is an agreement where the tenant (called the "assignor") transfers all of its rights and obligations under a lease to another party (the "assignee").
Assigning a lease is not the same thing as subletting, although the two terms are often confused. In the case of an assignment of lease, there is a direct relationship established between the new tenant and the landlord, as the landlord collects rent directly from the new tenant. In the case of a sublease, the original tenant is still responsible for all the conditions stated in the lease agreement, even if there is a new tenant who pays the rent.
This particular assignment is suitable for both commercial and residential properties, and can be prepared by the tenant (the "assignor") or the landlord. Note that in most cases the tenant must get the landlord's written consent to assign its interest under the lease and this agreement has options to include that written consent with the assignment.
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This residential lease assignment is between , an individual (the " Original Tenant ") and an individual (the " New Tenant ").
On or about , the Original Tenant and (the " Landlord ") entered into a lease agreement (the " Lease ").
The Lease covers the property located at , , , and more particularly described as follows: (the " Premises ").
Under section of the Lease, the Original Tenant is permitted to assign its interest in the Lease, with the consent of the Landlord.
The Original Tenant wishes to assign to the New Tenant's his or her rights in, and delegate all of his or her obligations under, the Lease, and the New Tenant wishes to accept this assignment.
The parties therefore agree as follows:
1. ASSIGNMENT.
The Original Tenant assigns to the New Tenant of all his or her rights in, and delegates to the New Tenant all of his or her obligations under, the Lease. This transfer will become effective as of (the " Effective Date "), and will continue until the present term of the Lease ends.
2. ASSUMPTION OF RIGHTS AND DUTIES.
After the Effective Date, the New Tenant shall assume all rights and duties under the Lease, including the obligation to pay rent under the Lease when it is due. The Original Tenant will have no further obligations under the Lease The Original Tenant will remain bound to the Landlord under the Lease, notwithstanding the assignment . However, the Original Tenant remains responsible for obligations accruing before the Effective Date.
3. REIMBURSEMENT.
On or before the Effective Date, the New Tenant shall pay to the Original Tenant, which is the sum of:
4. INDEMNIFICATION.
5. CONTINUING EFFECTIVENESS OF LEASE.
This assignment is made on the understanding that all other terms of the Lease remain in full effect, including the prohibition against further assignments and subleases without the Landlord's express written consent.
6. ORIGINAL TENANT'S REPRESENTATIONS.
The Original Tenant represents that he or she:
7. CONDITION OF PREMISES.
The New Tenant has examined and inspected the Premises and accepts them "as is" and in its present condition with all faults. Except as provided in this assignment, the Original Tenant makes no representations, covenants, or guaranties about the status, nature, or condition of the Lease or the Premises.
8. INTERPRETATION .
In interpreting the language of this assignment, the parties shall be treated as having drafted this assignment after meaningful negotiations. The language in this assignment will be construed as to its fair meaning and not strictly for or against either party.
9. GOVERNING LAW .
10. AMENDMENTS.
No amendment to this assignment will be effective unless it is in writing and signed by a party or its authorized representative.
11. COUNTERPARTS; ELECTRONIC SIGNATURES.
12. SEVERABILITY.
If any one or more of the provisions contained in this assignment is, for any reason, held to be invalid, illegal, or unenforceable in any respect, that invalidity, illegality, or unenforceability will not affect any other provisions of this assignment, but this assignment will be construed as if those invalid, illegal, or unenforceable provisions had never been contained in it, unless the deletion of those provisions would result in such a material change so as to cause completion of the transactions contemplated by this assignment to be unreasonable.
13. NOTICES.
14. WAIVER.
No waiver of a breach, failure of any condition, or any right or remedy contained in or granted by the provisions of this assignment will be effective unless it is in writing and signed by the party waiving the breach, failure, right, or remedy. No waiver of any breach, failure, right, or remedy will be deemed a waiver of any other breach, failure, right, or remedy, whether or not similar, and no waiver will constitute a continuing waiver, unless the writing so specifies.
15. ENTIRE AGREEMENT.
This agreement constitutes the final agreement of the parties. It is the complete and exclusive expression of the parties' agreement about the subject matter of this agreement. All prior and contemporaneous communications, negotiations, and agreements between the parties relating to the subject matter of this agreement are expressly merged into and superseded by this agreement. The provisions of this agreement may not be explained, supplemented, or qualified by evidence of trade usage or a prior course of dealings. Neither party was induced to enter this agreement by, and neither party is relying on, any statement, representation, warranty, or agreement of the other party except those set forth expressly in this agreement. Except as set forth expressly in this agreement, there are no conditions precedent to this agreement's effectiveness.
16. HEADINGS.
The descriptive headings of the sections and subsections of this assignment are for convenience only, and do not affect this agreement's construction or interpretation.
17. EFFECTIVENESS.
This assignment will become effective when all parties have signed it. The date this assignment is signed by the last party to sign it (as indicated by the date associated with that party's signature) will be deemed the date of this assignment.
18. NECESSARY ACTS; FURTHER ASSURANCES.
Each party shall use all reasonable efforts to take, or cause to be taken, all actions necessary or desirable to consummate and make effective the transactions this assignment contemplates or to evidence or carry out the intent and purposes of this assignment.
[SIGNATURE PAGE FOLLOWS]
Each party is signing this agreement on the date stated opposite that party's signature.
Date: _______________________ | By: __________________________________________________ |
Name: |
ORIGINAL TENANT
[PAGE BREAK HERE]
LANDLORD'S CONSENT AND RELEASE
As Landlord under the Lease, I hereby consent to this assignment of the Lease, and to the New Tenant's assumption of the Original Tenant's obligations under the Lease, including the obligation to pay rent when it is due. As of the Effective Date, I release the Original Tenant from all liability for obligations (including rent payments) under the Lease. However, the Original Tenant remains primarily obligated as tenant under the Lease and I do not waive or relinquish any rights under the Lease against either the Original Tenant or the New Tenant.
Date:_______________________ | By: __________________________________________________ |
Name: |
Attach a copy of the Lease as Exhibit A
What's an assignment of residential lease.
With an assignment of residential lease, you can transfer your interest in a lease to another party before your lease term is up, with your landlord's written permission. The new tenant takes on the lease responsibilities, including rent and property maintenance, and you are released from most (if not all) of your duties. We offer an assignment of residential lease document to ensure proper documentation of the landlord's written approval of your lease transfer to a new tenant with ease.
Here's the information you'll need to have handy to complete your assignment of residential lease:
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This template assignment of leases and rents is used in an acquisition loan transaction by a borrower to assign to a lender the leases and occupancy agreements related to a mortgaged property in Illinois and all rents and sums payable thereunder. This template includes practical guidance, drafting notes, alternate clauses, and optional clauses. This document is often broken out from the other loan documents so that it can be recorded to memorialize such an assignment although such an assignment may also be included in the provisions of the mortgage. This template is drafted from the lender's perspective but includes drafting tips for the borrower. For information on Illinois commercial financing transactions, see Commercial Real Estate Financing Transactions (IL), Commercial Real Estate Financing (IL), and Commercial Real Estate Acquisition Loan Resource Kit (IL).
COMMENTS
Lease in Full Force. Except as expressly provided in this Agreement, all of the. terms, conditions and covenants of the Lease shall remain in full force and effect and nothing in. this Agreement shall be deemed to: (a) modify, waive or affect any of the terms, conditions or. covenants of the Lease; (b) waive any breach of the Lease; (c) waive ...
Unless there is a written lease, a landlord can raise the rent by any amount by giving the tenant notice: Seven days of notice for a week-to-week tenancy, 30 days of notice for a month-to-month tenancy, and 90 days of notice for mobile home parks. In certain municipalities and counties, landlords are required to give more than seven or 30 days ...
Free Assignment of Lease Form - PDF | Word - eForms
Assignment of Lease: Definition & How They Work (2023)
Assignment of rents; perfection. (a) In this Section: ... mortgage, deed or trust, lease, assignment, release, or any other writing pertaining to land or real property or any interest therein or appurtenant thereto, including an interest in rents. "Rents" means all items that constitute leases, rents, and profits arising from real property ...
The Assignment of Lease form is signed by both the tenant and the assignee in the presence of a notary when recording the assignment. The form is then recorded with the office of the county recorder in the county in which the premises is located. The owner's assignment on a sale of income property. Similarly and in juxtaposition, consider an ...
Its: Its: LANDLORD'S CONSENT. By its execution below, Landlord consents to this assignment of the Lease to Assignee and acknowledges the continuance of the Lease by and between Assignee and Landlord. Landlord is not a party to the assignment and executes this document for the limited purpose of granting its consent.
Illinois Assignments of the Lease: A Comprehensive Overview In the state of Illinois, when it comes to leases, the process of transferring the rights and responsibilities of a lease agreement from one party to another is known as an "Assignment of the Lease."
Illinois Assignment of Lease by Landlord. $11.99. Illinois landlords, assign your tenant's lease to a new owner of the property with this easy-to-use Assignment of Lease by Landlord form. The Assignment is between the current landlord, the purchaser of the property (new landlord) and the tenant.
This template for notice to tenant of assignment or transfer of lease may be used by a residential landlord in Illinois to notify a tenant that the landlord has sold the premises, assigned the lease and transferred the security deposit to a new owner/buyer. This template includes practical guidance, drafting notes, and optional clauses.
Illinois Rental Lease Agreement Templates
The Illinois Assignment of Leases and Rents form outlines the terms and conditions of the assignment, including the effective date, the parties involved, and the specific leases and rental agreements being transferred. It may also include provisions regarding any security deposits held by the original owner and how they will be handled by the ...
Lease Assignment Agreement Template . This Lease Assignment Agreement was created to cement the relationship between an existing tenant and a new tenant. Now is the time to get your free copy. ... The factors that make an Illinois lease agreement legally binding are, quite simply, the signatures of both parties. Of course, the lease can't ...
ILLINOIS RESIDENTIAL LEASE AGREEMENT . ... • the Lease is formally extended by the Landlord and the Tenant in a writing ... Lease. Any license, assignment sublease or agreement in violation of this clause shall be null and void with not legal force whatsoever. ☐ Subletting Allowed. Tenant shall have the right to sublet and grant a license to
This template assignment and assumption of lease agreement transfers a tenant's interest under a commercial lease of Illinois real property to a third party. This template includes practical guidance, drafting notes, alternate clauses, and optional clauses. This template assumes that the tenant is assigning all of its rights and obligations ...
Assignment of Lease (IL) Illinois. If a tenant wants to get out of a lease that is not yet expired, one option is to assign or transfer the lease to another party. For example, if a tenant signs a commercial lease for 12 months and the business stops working after 10 months, that person can attempt to assign the lease for the remaining 2 months
Free Assignment of Residential Lease Template
Description. This form is an assignment from an original tenant of his or her leasehold interest in a lease agreement to a new tenant. The new tenant (assignee) agrees that he or she will pay all rent due after the effective date of the assignment, and will assume and perform all duties and obligations required by the terms of the original ...
Notwithstanding any provisions herein to the contrary, this Assignment of Rents and Leases is intended to be an absolute assignment from Assignor to Assignee and not merely the passing of a security interest. The rents and leases are hereby assigned absolutely by Assignor to Assignee, contingent only upon the occurrence of a default.
An assignment of a lease is a complete transfer of the right to be the tenant under the lease.This means that the tenant remains liable for monthly rent under the original lease, while collecting rent from the subtenant under the sublease, which may be more, less or the same as the rent due under the main lease.
This template assignment of leases and rents is used in an acquisition loan transaction by a borrower to assign to a lender the leases and occupancy agreements related to a mortgaged property in Illinois and all rents and sums payable thereunder. This template includes practical guidance, drafting notes, alternate clauses, and optional clauses.
Use US Legal Forms to obtain a printable Illinois Assignment of Leases, Rents and Contract Rights. Our court-admissible forms are drafted and regularly updated by professional lawyers. Our's is the most complete Forms catalogue on the web and provides affordable and accurate samples for customers and legal professionals, and SMBs. The ...
You can print out the Illinois Assignment of Lease and Rent from Borrower to Lender form or fill it out utilizing any web-based editor. Don't worry about making typos because your template may be utilized and sent, and printed as many times as you would like. Try out US Legal Forms and access to over 85,000 state-specific legal and tax files.