Illinois Residential Lease Agreement
THIS LEASE AGREEMENT (hereinafter referred to as the "Agreement") made
and entered into this ____________ day of ____________________________, 20____,
by and between ) OWNER (hereinafter referred to as "Landlord") and TENANT
(hereinafter referred to as "Tenant").
W I T N E S S E T H :
WHEREAS, Landlord is the fee owner of certain real property being, lying and
situated in DuPage County, Illinois, such real property having a street address of
ADDRESS (hereinafter referred to as the "Premises").
WHEREAS, Landlord desires to lease the Premises to Tenant upon the terms and
conditions as contained herein; and
WHEREAS, Tenant desires to lease the Premises from Landlord on the terms
and conditions as contained herein;
NOW, THEREFORE, for and in consideration of the covenants and obligations
contained herein and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto hereby agree as follows:
1. TERM. Landlord leases to Tenant and Tenant leases from Landlord the above described
Premises together with any and all appurtenances thereto, for a term of One Year such
term beginning on June 20, 2008,and ending at 12 o'clock midnight on June 19
th
2009.
2. RENT. The total rent for the term hereof is the sum of Fifthteen Thousand Five
Hundred Forty DOLLARS ($15,540) payable on the 1st day of each month of the
term, in equal installments of One Thousand Five Hundred DOLLARS ($1,295), first
to be paid upon the due execution of this Agreement. All such payments shall be made to
Landlord at Landlord's address as set forth in the preamble to this Agreement on or
before the due date and without demand.
3. SECURITY DEPOSIT. Upon the due execution of this Agreement, Tenant shall deposit
with Landlord the sum of Three Thousand DOLLARS ($1,295.00) receipt of which is
hereby acknowledged by Landlord, as security for any damage caused to the Premises
during the term hereof. Landlord may deposit security deposit in his general account.
Interest on Security Deposit. In accordance with Illinois law (765 ILCS 715/1, 715/2), and
subject to the exception set forth in this Paragraph, such deposit shall be returned to
Tenant, without interest, and less any set off for damages to the Premises upon the
termination of this Agreement. Landlord will only pay interest to Tenant if the Premises is
an apartment in a building with 25 or more units, provided the security deposit is held by
Landlord for more than six (6) months. The interest rate is to be the same rate as given
by the largest bank in Illinois on minimum passbook savings accounts as of December 31
of the year before the commencement date of this Agreement. Landlord shall pay Tenant
the accrued interest annually by cash or credit towards rent due, except when Tenant is
in default under the Agreement.