This form is a contract for a lease and a manadatory purchase of real estate. Seller demises and leases to purchaser and purchaser takes and rents from seller certain real property described in the form. Purchaser agrees not to use or permit the use of the property for an illegal purpose. An auction, fire or going out of business or bankruptcy sale, may not be conducted in the property without prior written consent of the seller.
The Illinois Contract for the Lease and Mandatory Purchase of Real Estate is a legal agreement that outlines the terms and conditions for leasing a property and includes a specific performance clause. This clause ensures that both the landlord and tenant fulfill their obligations as stated in the contract. The specific performance clause in the contract requires both parties to adhere to their respective responsibilities, such as timely rent payments, property maintenance, and compliance with local regulations. It also ensures that the landlord provides the agreed-upon facilities and amenities, while the tenant uses the property for its intended purpose. In the event of a breach of the contract, the specific performance clause allows for legal action to be taken. If either party fails to fulfill their obligations, the non-defaulting party can seek a court order for specific performance, which compels the defaulting party to comply with the terms of the contract. This could include requiring the tenant to pay rent or the landlord to make necessary repairs. There may be variations of the Illinois Contract for the Lease and Mandatory Purchase of Real Estate — Specific performance clause depending on the specific details and requirements of the lease. Some potential variations or additional clauses can include provisions for property inspection, dispute resolution mechanisms, default remedies, early termination, and renewal options. These additional clauses can be negotiated between the landlord and tenant to customize the contract to their specific needs. It is important for both parties to carefully review the contract and seek legal advice if needed to ensure that they fully understand the obligations and implications of the specific performance clause. This will help avoid misunderstandings or disputes and contribute to a smooth and fair leasing experience for both the landlord and the tenant.
