Early Lease Termination Agreement (Tenant in Distress) (Commercial Lease) (IL) | Practical Law

Early Lease Termination Agreement (Tenant in Distress) (Commercial Lease) (IL) | Practical Law

A lease termination agreement (sometimes referred to as a surrender and acceptance agreement) memorializing the terms of the landlord's and tenant's agreement to terminate a commercial lease of real property in Illinois before the end of the lease term when the lease does not contain an express termination right. This Standard Document does not favor one party over the other but has integrated notes with important explanations and drafting and negotiating tips for both landlords and tenants.

Early Lease Termination Agreement (Tenant in Distress) (Commercial Lease) (IL)

Practical Law Standard Document w-029-9574 (Approx. 25 pages)

Early Lease Termination Agreement (Tenant in Distress) (Commercial Lease) (IL)

by Practical Law Real Estate
MaintainedIllinois
A lease termination agreement (sometimes referred to as a surrender and acceptance agreement) memorializing the terms of the landlord's and tenant's agreement to terminate a commercial lease of real property in Illinois before the end of the lease term when the lease does not contain an express termination right. This Standard Document does not favor one party over the other but has integrated notes with important explanations and drafting and negotiating tips for both landlords and tenants.