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Rent Concession Act

Rent Concession Act

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Published by ChicagoMTO

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Published by: ChicagoMTO on Oct 04, 2010
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05/25/2012

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(765 ILCS 730/) Rent Concession Act.(765 ILCS 730/0.01) (from Ch. 80, par. 40.9)Sec. 0.01. Short title. This Act may be cited asthe Rent Concession Act.(Source: P.A. 86-1324.)(765 ILCS 730/1) (from Ch. 80, par. 41)Sec. 1. That the purpose of this Act is toregulate the prevalent practice of making or usingwritten leases of real estate, which, because ofconcessions to the lessees, do not truly state thereal net rent being paid, it being recognized thatsuch practice can be, and frequently is, used tomislead prospective purchasers and lessees, andlenders of money on the security of such realestate, into a belief that the rental value ormarket value thereof is greater than it really is.(Source: Laws 1925, p. 457.)(765 ILCS 730/2) (from Ch. 80, par. 42)Sec. 2. A rent concession is made, within themeaning of this Act, when, in case of a writtenlease of real estate or a part thereof, the lessorbefore or at the time the lease or any agreementtherefor is entered into, and in consideration ofsuch lease or agreement therefor, directly orindirectly, gives, or agrees or promises to give, tothe lessee, without express mention thereof in thelease, any of the following: (1) any credit upon therent reserved by the lease between the parties, orrebate of such rent or any part thereof afterpayment thereof by the lessee, or (2) the right,privilege or license to occupy the leased premisesfor a period other than the term created by thelease, rent free or for a rent less than the averagerent fixed by the lease for the entire term, or (3)any other valuable thing, right or privilege.Repairing and decorating the leased premises by thelessor shall not be deemed a rent concession. An
 
agreement by a lessor to waive any of the terms orconditions of the lease other than those relating tothe payment of rent shall not be deemed a rentconcession.(Source: P.A. 88-45.)(765 ILCS 730/3) (from Ch. 80, par. 43)Sec. 3. When a rent concession shall be made inthe case of any lease hereafter entered into, itshall be the duty of the lessor, at the time orimmediately after the lease is made, to cause suchlease to bear a legend across the face and textthereof plainly legible and in letters not less thanone-half inch in height consisting of the words"Concession Granted," and to bear a memorandum onthe margin or across the face of such lease statingthe amount or extent and nature of each suchconcession, and any failure on the part of a lessorso to do shall be unlawful and a violation of thisAct.(Source: Laws 1925, p. 457.)(765 ILCS 730/4) (from Ch. 80, par. 44)Sec. 4. When a rent concession shall have beenmade in the case of any lease heretofore orhereafter entered into, it shall be unlawful and aviolation of this Act for any person knowing of suchconcession, to exhibit such lease to any purchaseror lessee or prospective purchaser or lessee of realestate, any part of which is covered by the lease,or to any lender of money, or prospective lender ofmoney on such real estate or any part thereof assecurity, unless such lease shall bear the legendand memorandum required by section 3 hereof in thecase of leases heretofore made.(Source: Laws 1925, p. 457.)(765 ILCS 730/5) (from Ch. 80, par. 45)

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