This form is used when Optionor grants and assigns the exclusive right and option, but not the obligation, to lease all or a portion of the Option Lands under the identical terms and conditions to purchase an Oil and Gas Lease on Lessor's undivided mineral interest in and under the lands covered in this lease.
Illinois Option to Lease
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Multi-State
Control #:
US-OG-684
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Word;
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How to fill out Option To Lease?
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FAQ
You must give written notice when you intend to move. The Illinois Retaliatory Eviction Act prohibits your landlord from evicting you for complaining to any governmental authority (housing inspector, human rights commission, etc.).
In Illinois, a lease need not be in writing unless it is for a term greater than one year. Although the terms of an oral lease may be difficult to determine, a party may be bound to the terms of an oral agreement just as much as a written one.
?At will? tenants, or those who live in a unit without a lease do not automatically receive protection from evictions or other landlord actions. However, when this type of tenant pays the landlord rent, they earn rights.
If an at-will landlord decides that they wish to reclaim the property in thirty days, then they may immediately serve the tenant with a thirty day Notice to Quit. If the tenant does not vacate the property then the requisite notice will have already been provided and the landlord may proceed to an eviction action.
A purchase lease option gives property investors the chance to rent a property and generate income from it, with the right, but not necessarily the obligation, to buy it at a later stage.
Illinois: Guests become tenants when they establish residency without gaining permission from the landlord. For example, they may start receiving mail at the property and adding the property address to official documents.
A lease option is an agreement that gives a renter a choice to purchase the rented property during or at the end of the rental period. It also precludes the owner from offering the property for sale to anyone else. When the term expires, the renter must either exercise the option or forfeit it.
Illinois is only considered somewhat of a landlord-friendly state. While factors like no rent control or security deposit limitations favor landlords, the state has restrictions that limit what they can do to lease their property.