Lease example

Fordham University **We aren't endorsed by this school
BUSI 101
Oct 1, 2023
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Page 1 of 27 LEASE AGREEMENT 714 West Oakdale Avenue, Unit 2 Chicago, Illinois 60657 DATE OF LEASE TERM OF LEASE MONTHLY RENT SECURITY DEPOSIT 08/30/2018 BEGINNING ENDING $1995.00 NONE 09/01/2018 08/31/2019 12:00 p.m. *The security deposit shall be deposited in an interest bearing account at U.S. Bank, which has an address of 801 North Clark Street, Chicago, Illinois 60610. The security deposit was received on ____________n/a_______________ by _____________n/a________________ as agent on behalf of Lessor. LESSEE LESSOR NAME: Kelly Fiedler NAME: Logan Potter NAME: Chad Cuconato ADDRESS: 714 West Oakdale Avenue UNIT: 2 CITY: Chicago STATE: Illinois ZIP: 60657 TELEPHONE: 847-542-0916 / 309-333-4058 / 815-219-0135 EMAIL: [email protected] / [email protected] / [email protected] NAME: Fulton Grace Realty, as authorized agent of the owner of the premises PRIMARY ASSOCIATE: Desmond Lathan-Rizzo ADDRESS: 2901 N Halsted Street CITY: Chicago STATE: Illinois ZIP: 60657 TELEPHONE: 773-698-6648 x.1005 EMAIL: [email protected] AUTHORIZED OCCUPANTS: SAME AS ABOVE PERSON AUTHORIZED TO ACT ON BEHALF OF OWNER FOR PURPOSE OF SERVICE OF PROCESS AND RECEIPTING OF NOTICES: SAME AS ABOVE APPLICATION AND OCCUPANCY NOTICE TO TENANT LESSEE ACKNOWLEDGES THAT THIS LEASE HAS BEEN EXTENDED TO LESSEE PURSUANT TO AN APPLICATION PREVIOUSLY SUBMITTED BY LESSEE. LESSEE FURTHER ACKNOWLEDGES AND AGREES THAT THE COMPLETENESS AND ACCURACY OF THE INFORMATION THEREIN CONTAINED IS A MATERIAL CONDITION OF LESSOR IN EXTENDING THIS LEASE TO LESSEE. LESSEE REPRESENTS AND WARRANTS THAT ALL THE INFORMATION GIVEN BY LESSEE IN APPLYING FOR THIS LEASE IS TRUE AND ACKNOWEDGES THAT PROVIDING FALSE INFORMATION IS A MATERIAL BREACH OF THIS LEASE. OCCUPANCY BY MORE PERSONS THAN AS SET FORTH IN THIS LEASE OR APPLICATION SHALL CONSTITUTE A MATERIAL BREACH OF THIS LEASE. NOTICE OF CONDITIONS AFFECTING HABITABILITY I hereby acknowledge that Lessor has disclosed any code violations, code enforcement litigation and/or compliance board proceedings during the previous twelve (12) months for the lease dwelling and common area and any notice of intent to terminate utility service, copies of which, if any, are attached to this lease. If nothing is attached to this lease, Lessor warrants that there are no violations affecting habitability or notices of intent to terminate utility service to be disclosed. Initials of Lessee DocuSign Envelope ID: 504CB5C0-16D8-46E6-A596-1A5ADB146025
Page 2 of 27 ADDITIONAL AGREEMENTS AND COVENANTS In lieu of deposit lessee will pay lessor a one-time $500 non-refundable move-in fee. Rent includes water. Lessee is responsible for gas, electric, and ensuring service is active prior to lease start date. Any outstanding maintenance items will be handled within 7-10 business days of lease start date. Lessor or lessor's agent has made no promises to lessee regarding painting or unit upgrades. FURTHER ACKNOWLEDGEMENTS BY LESSEE Lessee hereby acknowledges that on August 30, 2018 , Lessee has received from Lessor in connection with the rental of the dwelling located at 714 West Oakdale Avenue, Unit 2 Chicago, Illinois 60657 (the "Premises") the following documents: Security Deposit Receipt N/A N/A Initials of Lessee Initials of Lessee Summary of the City of Chicago Residential Landlord Tenant Initials of Lessee Initials of Lessee Ordinance & Security Deposit Summary Lead Paint Disclosure Form and Pamphlet Initials of Lessee Initials of Lessee Heating Disclosure Statement Initials of Lessee Initials of Lessee By executing this Lease Agreement, Lessee here by acknowledges that Lessor - Fulton Grace Realty - is an Illinois licensed Real Estate Broker. In consideration of the mutual agreements and covenants herein set forth, and in further consideration of all supporting documents hereto, the truth and accuracy thereof being attested to by Lessee, and the information therein contained being incorporated into this lease as if set forth herein in full, Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, for use as a private dwelling unit only, the above noted Premises, together with the fixtures and appliances belonging thereto, for the above Term: Kelly Fiedler DATE LESSOR DATE Fulton Grace Realty, as Authorized Agent of the Owner of the Premises Associate: Desmond Lathan-Rizzo Logan Potter DATE ___________________________________________ Chad Cuconato DATE DocuSign Envelope ID: 504CB5C0-16D8-46E6-A596-1A5ADB146025 8/30/2018 8/31/2018 8/30/2018 8/30/2018
Page 3 of 27 LEASE COVENANTS AND AGREEMENTS: 1. RENT : Lessee shall pay to Lessor or Lessor's authorized agent, at the address set forth above, or as hereafter changed by written notice to Lessee, as rent for the Premises, the sum stated above. Rent is due and payable on or before the first day of each calendar month, in advance. The timely payment of each installment of rent is deemed to be of the essence of this Lease. 2. LATE CHARGES : Rent received by Lessor later than the 5 th day of the month on which such payment is due shall bear a late charge of $10.00 plus 5% of any rent due in excess of $500.00. If Lessee mails rent to Lessor, the late charge will apply if the rent is received later than the 5 th day of the month, regardless of the date Lessee mailed such rent payment. If a payment of rent is made by personal check which is later dishonored by the Lessee's bank, the tenant shall be assessed any bank charges incurred by Lessor as a result of such dishonored check, in addition to the rent and late charge due on the payment of rent. 3. SECURITY DEPOSIT : Lessee has deposited with Lessor, the sum set forth above as a security deposit to be held by the Lessor in accordance with state or local law or ordinance to secure the faithful performance by the Lessee of all of the provisions contained in this lease. If Lessee performs all of the obligations as provided in this lease and pays all sums due Lessor, then Lessor, after the Lessee has surrendered possession of the Premises and delivered the keys thereto to Lessor, shall refund said deposit to Lessee, including interest as provided by law. If Lessee has failed to perform or comply with any of the provisions of the lease, then Lessor may apply all or any part of the security deposit in payment of any sums due from Lessee to Lessor, or to pay for repair o f any damages caused by Lessee, Lessee's co - occupants or guests. The security deposit shall not be treated as advance payment of rent, and the Lessee shall not apply the security deposit as rent during the term of the lease unless Lessee obtains written permission from Lessor to do so. A fully executed lease agreement shall serve as a security deposit receipt for purposes of all federal, state and local law, including the Chicago Residential Landlord and Tenant Ordinance. 4. POSSESSION: If Lessor cannot deliver possession of the Premises at the commencement of the lease term, the rent shall be abated until the Premises are available for occupancy by Lessee. Lessor shall not be liable to Lessee for any consequential damages to Lessee arising as a result of Lessor's inability to give Lessee possession of the Premises at the commencement of the lease term. 5. CONDITION OF PREMISES: Lessee has examined the Premises prior to accepting the same and prior to the execution of this lease, and is satisfied with the physical condition thereof, including but not limited to the heating, plumbing and smoke detectors. Lessee's acceptance of possession shall constitute conclusive evidence of Lessee's receipt of the Premises in good order and repair as of the commencement of the lease term. Lessor or his agent has made no promises as to condition or repair to Lessee, unless they are expressed in this lease or a rider hereto signed by Lessee and Lessor or his agent, and no promises to decorate, alter or repair the Premises have been made by Lessor or his agent, unless expressed herein. 6. LIMITATION OF LIABILITY : Except as provided by state or local law or ordinance, Lessor shall not be liable for any damage (a) occasioned by failure to keep Premises in repair; (b) for any loss or damage of or to Lessee's property wherever located in or about the building or Premises, or (c) acts or neglect of other tenants, occupants or others at the building. Lessee understands and agrees that Lessor's insurance does not cover Lessees' possessions or Lessees' negligence and Lessee agrees to indemnify and hold Lessor harmless for any such loss. Lessee shall obtain a renters' insurance policy to cover damage to or loss of their own possessions, as well as losses resulting from their negligence. Lessee agrees to provide Lessor evidence of such a policy within one week of the date of this Agreement. 7. LESSEE TO MAINTAIN : Lessee shall keep the Premises and the fixtures and appliances therein in a clean and healthy condition, and in good working order, and in accordance with any and all ordinances applicable to the tenancy, at Lessee's own expense, and upon the termination of this lease, for any reason, Lessee shall return the Premises to Lessor in as good a condition of cleanliness and repair as at the commencement of this lease, reasonable wear and tear excepted. Lessee shall make all necessary repairs to the Premises whenever damage has occurred or repairs are required due to Lessee's conduct or neglect. Lessee shall replace all broken glass, furnace filters, expired light bulbs and fixtures and shall maintain all smoke and carbon monoxide detectors in good condition at all times, including replacing spent batteries as necessary. Upon Lessee vacating the Premises, if the Premises are not clean and in good repair, Lessor or his agent may replace the Premises in the same condition of repair and cleanliness as existed at the commencement of the lease term. Lessee agrees to pay Lessor for all expenses incurred by Lessor in replacing the Premises in that condition. Lessee shall not cause or permit any waste, misuse or neglect to occur to the water, gas, utilities or any other portion of the Premises. Lessee shall ensure the Premises is adequately heated at all times and shall ensure that the temperature inside the Premises does not fall below 55 degrees. Unless otherwise indicated on page 1 of this Lease, Lessee shall be responsible for all utilities and other payments (with the exception of water) associated with the Premises, including, but not limited to, gas, electric, cable, internet, telephone and security systems (optional). 8. USE OF PREMISES: The Premises shall be occupied for residential purposes only, and only by the persons DocuSign Envelope ID: 504CB5C0-16D8-46E6-A596-1A5ADB146025
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