Restaurant Lease (Strip Center) (Modified Gross Lease) (Landlord-friendly Simple) (Illinois)

This legal template is a document specifically designed for leasing a restaurant space in a strip center in the state of Illinois. It is a modified gross lease agreement that favors the interests of the landlord while keeping the terms and conditions relatively simple and straightforward.

The template likely includes provisions related to the specific use of the premises for operating a restaurant, addressing any restrictions or requirements associated with it. It may also outline the total area of the premises and any common areas shared with other tenants in the strip center.

Regarding the lease structure, a modified gross lease typically combines elements of both the gross lease and the triple net lease. This means that the tenant pays a base rent that covers some of the expenses, such as property taxes or insurance, but other operational costs might be passed on separately to the tenant.

Being landlord-friendly, the template is expected to place a larger burden of responsibilities and liabilities on the tenant, ensuring that the landlord is adequately protected. This may include clauses related to maintenance and repairs, alterations or improvements, compliance with local regulations, and insurance requirements. Additionally, the template might establish certain rights reserved for the landlord, such as the ability to re-enter or terminate the lease under specific circumstances.

Given that the template is specifically tailored for the laws and regulations of Illinois, it is likely to include provisions and language provisions in line with the state's legal requirements and customary practices in the real estate industry.

Overall, this legal template aims to provide a comprehensive framework for landlords and tenants, enabling them to enter into a lease agreement for a restaurant space in a strip center that is fair, legally sound, and compatible with the unique characteristics of the location and the laws of Illinois. However, it is essential to consult with a legal professional to adapt the document to specific circumstances and review it before finalizing any lease agreement.