An Illinois commercial lease agreement documents a rental arrangement between a landlord of commercial property and a tenant looking to set up a business. In the agreement, the parties underscore terms such as rental-related costs and any additional conditions they wish to include. One common provision involves adding a renewal option for tenants to establish and maintain a place of business. In the case of tenants with fairly new businesses, landlords may ask for a personal guarantee in which a third party vouches for the prospective tenant and their business.
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