1512 Artaius Parkway, Suite 300,
Libertyville, IL 60048

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Lake County Lawyers for Rental Contracts

Chicago Commercial Lease Modification Attorneys

Attorneys for Lease Changes and Modification in Gurnee, Libertyville and Arlington Heights

When it comes to negotiating the terms of a commercial real estate lease, tenants often tend to have the upper hand, to use a common phrase. Property owners are generally reliant on their tenants to make timely rental payments so that the owners can meet their own financial obligations. In many cases, however, commercial tenants may be paying far more in rent than what the market would otherwise provide thanks to sharp declines in commercial property values in recent years.

At Newland & Newland, LLP, our attorneys have more than 60 years of combined experience in commercial real estate law. We understand that the declining real estate market has led many commercial tenants to consider taking action to modify the terms of their lease agreement with their landlords. Whether this is done through a strategic breach of the lease or direct negotiation with the property owner, our team is equipped to help.

Types of Modifications

There are many different ways in which a lease can be modified. Reaching an agreement with your tenant, however, is not always easy. You have the right to expect your tenants to live up to the terms of their lease agreements, but doing so is not always possible or realistic for them. In some cases, a modification could be appropriate to bring the rent for your property more in line with that of other properties in the same area.

The experienced attorneys at Newland & Newland, LLP can assist you in negotiating with tenants all types of commercial lease modifications, including:

  • A permanent reduction in rent;
  • Abatement of rent or a waiver of past-due rent;
  • A forbearance or a deferral of rental payments;
  • Rental payments made in advance;
  • Percentage rent amendments;
  • A reduction of the space included in your lease;
  • A change of the base year for a gross lease;
  • An extension of the lease's term or payment schedule; or
  • A buyout agreement.

Landlord Representation in Arlington Heights

Much of the focus regarding lease amendments and modifications tends to be on the tenant in question. At Newland & Newland, LLP, we understand that the rights of the landlord must be protected as well. Our attorneys work on behalf of commercial property owners in negotiating rental contracts and lease modifications.

We know that it can be frustrating to deal with a tenant who wants to change the existing agreement, but we also realize that agreeing to a modification could save you time and money over the long term. A negotiated modification could improve your relationship with your tenant and prevent you from having to take more costly collections actions. It could also keep your tenant in the property for a longer period of time, saving you the expenses related to finding someone new to lease the space. Our attorneys will work closely with you in determining what types of modifications are appropriate for your unique situation.

Eviction Proceedings in Illinois

At Newland & Newland, LLP, we also represent commercial property owners in eviction proceedings. The process of removing a tenant who has stopped paying rent or who has violated the terms of the lease in another way can be challenging, and there are many laws, rules, and guidelines that apply in such cases. Our attorneys will closely work with you to ensure that everything is done in accordance with the law while fully protecting you, your rights, and your property.

Call 847-549-0000 Today

For more information about modifying a commercial lease agreement or eviction proceedings, contact our office. Call 847-549-0000 for a free consultation at any of our five locations today. Newland & Newland, LLP serves clients in Libertyville, Waukegan, Gurnee, Grayslake, Mundelein, North Chicago, Arlington Heights, Lake County, and the surrounding areas.

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