Illinois Seismic Option and Lease Agreement

State:
Multi-State
Control #:
US-OG-077
Format:
Word; 
Rich Text
Instant download

Description

This is a short form agreement. The lessor is identified as owning all the mineral estate in the lands covered by the agreement. A form of oil and gas lease will need to be attached as an exhibit to the agreement.
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FAQ

An Illinois month-to-month rental agreement is a legal contract that authorizes a tenant to rent a property without an end date. The tenant pays a monthly rent payment, along with other utilities, and either the landlord or tenant can amend or terminate the agreement with thirty (30) days' notice.

Seismic Option or "Option" means an agreement which entitles a Party to conduct 3-D Seismic Operations on a portion of the Contract Lands with an option to acquire a Lease covering all or a portion of such lands.

In the case of at-will tenants, landlords must give a 30-day notice before the eviction process happens. If you want your very own lease agreement template for the state of Illinois, make sure to visit DoorLoop's Forms Page to download one. See our full guide on the eviction process and laws for Illinois.

Amount of notice required Violating a lease term = 10 days notice. (But in properties covered by the Chicago RLTO or the Cook County RTLO, a tenant has the right to cure, or fix, a non-criminal violation within the term of the notice) Ending a month-to-month lease for another reason = 30 days notice.

An oral lease on a month-to-month unit allows you to move out with just a one month's notice. An oral lease also allows the landlord to refuse to continue to rent to you with one month notice. Additionally, a landlord can increase the rent with a written letter giving you a full rental period's notice.

The tenant cannot simply move out with no notice ? doing so will often result in loss of a security deposit or even a lawsuit for unpaid rent. Terminating a month-to-month lease requires at least 30 days written notice and a termination date that falls at the end of a rental period (usually the end of the month).

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Illinois Seismic Option and Lease Agreement