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Recent Blog Posts
Rent Abatement Clauses for Commercial Tenants
Commercial leases offer significant room for negotiation between landlords and tenants. One provision that reflects this room to negotiate is the commercial rent abatement clause, an incentive sometimes negotiated by commercial tenants or offered by commercial landlords. Commercial rent abatement clauses temporarily reduce or eliminate rent payments under certain circumstances. An experienced commercial lease attorney in Naperville, IL can negotiate a commercial rent abatement.
What Is a Commercial Rent Abatement?
Commercial rent abatements reduce or eliminate the tenant’s obligation to pay rent for a period of time.
What Are Common Types of Commercial Rent Abatements?
Rent Abatement During Tenant Improvements
Key Buy-Sell Agreement Clauses
As a business owner, you are focused on growing the business while juggling day-to-day operations. As you think about your long-term business goals, you should consider having in place a buy-sell agreement. It can protect your company in the event of an unforeseen circumstance. An experienced Naperville, IL business law attorney can advise you on whether your business could benefit from signing a buy-sell agreement.
What is a Buy-Sell agreement?
A buy-sell agreement is a tool of succession planning for your business — planning for what happens to your business in the event you or a co-owner either wants to exit the business or must do so due to an unforeseen circumstance such as incapacitation, death, divorce, or bankruptcy. A buy-sell agreement ensures your business survives changes in management, and it is an especially useful tool in partnerships, limited liability companies, and closely held corporations.
Terminating a Commercial Lease Early – What Every Tenant Should Know
If your business needs have changed, you may find yourself contemplating having to terminate your commercial lease early. For example, your business might be undergoing financial difficulties, you might be rethinking your brick-and-mortar strategy, or your company might be growing and need more space. Whatever the reason, in such a case an experienced real estate attorney can advise you on your rights and obligations when terminating your commercial lease prior to the end of the contractual term.
What Happens if You Terminate Your Lease Early?
To legally terminate a commercial lease early, Illinois law requires you to notify the landlord. The consequences of breaking your commercial lease early will depend on several factors, including Illinois law and the specific terms of your lease agreement. Depending on the facts of your case, you may face the following:
Construction Litigation Time Limitations In Illinois
One of the most important considerations when deciding whether to file a lawsuit arising out of a construction project is whether the claim is time-barred, meaning that the period of time during which the claim may be brought has passed. An Illinois construction law attorney can advise you on how Illinois law addresses the time limitations for bringing construction claims. These statutes also apply to legal claims arising out of injuries related to the construction.
There are two primary laws that govern the time period for filing a construction lawsuit in Illinois: the statute of limitations and the statute of repose.
Illinois Statute of Limitations
The Illinois statute of limitations on construction projects governs the time period claimants have for filing a lawsuit. Claimants in a construction suit have four years to file the lawsuit from the time they knew or should have known of the existence of the construction claim. If claims are not filed within four years from the time the claimant knew or should have known of the construction defect, the claimant will lose the right to make that claim in a court of law.
What Are the Pros and Cons of Offering Equity to Investors?
Securing financing is usually the biggest challenge for startups. New entrepreneurs often find themselves in a race against time, trying to obtain funding for operations, payroll, and product development before they come to a halt. Startup owners may use a number of methods to raise capital such as crowdfunding, bootstrapping from friends and family, and loans.
One of the most popular ways startups obtain financing is from investors such as venture capital firms. When investors put their money into a startup, they often want equity in exchange. Equity means the investor receives a share of the company. Depending on the investment, an investor’s equity can be quite large. This could give the investor influence in the company’s decisions.
Offering equity to investors has advantages, but it also has its drawbacks. In this article, we will explore the pros and cons of investor equity, as well as how to contact an Illinois corporate law attorney for legal guidance and protection.
How Can Easements Affect My Real Estate Investment?
When investors purchase real estate, they focus on many important factors that affect the value of the property. Location, interest rates, appreciation potential, property type, and the real estate market as a whole are just some of the details real estate buyers study.
However, there is another element that often goes overlooked: easements. An easement is the legal right of someone to access a property that he or she does not own. This can affect both the value of the property and the owner’s use of it. Sellers should disclose any easements to prospective buyers, though this does not always happen. Hiring an Illinois real estate lawyer is the best way to protect your assets and interests when investing in real estate.
What Is an Easement?
An easement grants property access to someone who does not own it. One of the most common types of easements is a utility easement, which allows utility companies to build infrastructure like water pipes and telephone poles on people’s private properties as necessary.
New Paid Leave Laws in Illinois
Every state has its own set of rules regarding employee rights and workplace benefits. Illinois recently implemented new legislation requiring mandated paid leave for workers in a wide variety of sectors. Business owners should make it a priority to be kept aware of all the implications of the new laws so that they can be sure of their own compliance. If you are an employer or employee in Illinois who might be affected by this new legislation, contact a knowledgeable Naperville, IL business law attorney who can review your situation and offer professional guidance for moving forward.
Illinois Paid Leave Law
Effective as of January 1, 2023, this new law requires employers to provide their employees with paid leave for several reasons, including:
- Illness
- Caregiving responsibilities
- Domestic violence situations
One of the objectives behind this law is to promote a healthier and more sustainable work-life balance, recognizing that employees can have family or personal needs that require their attention even if they still need a job for financial stability.
How Might Zoning Issues Affect My Renovation Project?
Businesses and companies generally require space to operate out of. Similar to residential real estate, a business might find an architect and commission a new building or purchase a property that someone already used. Often, considerations including a commercial property’s specific location, already-present utilities and functionalities, and ways it could be adapted are more important to a business owner than whether the building will be brand new. After all, it is possible to renovate and make changes that are better suited to your business’s needs, right? Before making any decisions, it is crucial to speak with a qualified DuPage County, IL real estate attorney to understand how zoning issues might affect your plans for a renovation.
Illinois Commercial Real Estate Zoning Issues
Zoning regulations dictate what different types of properties can be used for. The purpose of these regulations is to try to ensure that an area is developed in an orderly manner to the benefit of the people living and working in that area. There are several different types of zones, but the most common include:
4 Common Issues with Commercial Leases in Illinois
When a business needs to rent space to operate in, it needs to sign a lease for a commercial property rather than a residential property where people can live. Like many types of contracts, a commercial lease agreement can be complicated with various terms and conditions that the tenant needs to be aware of. There may be restrictions on how the property can be used, and if the tenant is unaware and their regular business activity is in violation of the agreement, they could end up kicked out of their property. This article will explore some common pitfalls of commercial leases to help business owners avoid unnecessary mistakes. If you are considering signing a commercial lease, consider consulting with an experienced Naperville, IL commercial lease attorney to ensure you are entering into a feasible agreement.
Exclusive Use
If you lease a commercial property, you might assume that means no one else can have access to it or use it during your lease period. That is not always the case. Make sure your landlord has signed onto an exclusive use clause if you do not want them or anyone else entering and using the property you have leased while you are leasing it.
ECCRs for Shopping Center Development Projects
During a real estate development project, various legal concerns will need to be addressed. Property owners and developers will need to ensure that real estate transactions can be completed correctly and that they will be able to use the property as desired. They will also need to understand the various restrictions and agreements that may be put in place that will affect the rights of their tenants, owners of neighboring properties, and other stakeholders.
There are some unique concerns that may need to be addressed in development projects involving retail stores. The development of a shopping center requires the negotiation and drafting of easements, covenants, conditions, and restrictions (ECCRs). These are agreements that outline the rights and responsibilities of developers in relation to their properties. ECCRs also serve to protect the interests of tenants, investors, lenders, and other stakeholders involved in the development project. To negotiate these agreements successfully, it is important to understand what each document contains, how to best use them during negotiations, and how an attorney can help in the process.
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630-778-3818
