This office lease form is a clause stating the conditions and situations under which the tenant may not act without written consent of the landlord.
This office lease form is a clause stating the conditions and situations under which the tenant may not act without written consent of the landlord.
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In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.
The terms of an indemnification agreement ensure that you are not held liable for any contract-related loss or damage outside of your control.
Indemnification is the assumption of another party's liability under a contract, such as a lease. Therefore, under an indemnification clause, tenants typically agree to reimburse the landlord, or pay directly, ?all losses, claims, suits, liability, and expense? related to a liability situation.
The indemnification clause is a crucial element in commercial contracts as it helps mitigate the risks and consequences associated with potential breaches of contracts. This clause also ensures that the parties are fairly compensated for their losses and helps maintain a stable and predictable business relationship.
In an indemnity agreement, one party will agree to offer financial compensation for any potential losses or damages caused by another party, and to take on legal liability for whatever damages were incurred.
Although a landlord is not required to consent to a lease assignment, in some cases your lease will state that a landlord's consent will not be ?unreasonably? withheld. This is more common in commercial leases.
In Illinois, a landlord can only enter without permission in case of an emergency ? other than that, landlords can enter at a time requested by the tenant during reasonable hours for example between am to pm.
LANDLORD'S RIGHT OF ACCESS {MUN. CODE CH. 5-12-050} A tenant shall permit reasonable access to a landlord upon receiving two days notice by mail, telephone, written notice or other means designed in good faith to provide notice.