Leasing is a process by which a firm can obtain the use of a certain fixed assets for which it must pay a series of contractual, periodic, tax deductible payments. The lessee is the receiver of the services or the assets under the lease contract and the lessor is the owner of the assets. The relationship between the tenant and the landlord is called a tenancy, and can be for a fixed or an indefinite period of time (called the term of the lease). The consideration for the lease is called rent. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership from lawnmowers and washing machines to handbags and jewellry.
Under normal circumstances, a freehold owner of property is at liberty to do what they want with their property, including destroy it or hand over possession of the property to a tenant. However, if the owner has surrendered possession to another (the tenant) then any interference with the quiet enjoyment of the property by the tenant in lawful possession is unlawful. Similar principles apply to real property as well as to personal property, though the terminology would be different. Similar principles apply to sub-leasing, that is the leasing by a tenant in possession to a sub-tenant. The right to sub-lease can be expressly prohibited by the main lease.
Illinois is the 25th most extensive and the 5th most populous of the 50 United States, and is often noted as a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal, timber, and petroleum in the south, Illinois has a broad economic base. Illinois is a major transportation hub. The Port of Chicago connects the state to other global ports from the Great Lakes, via the St. Lawrence Seaway, to the Atlantic Ocean; as well as the Great Lakes to the Mississippi River, via the Illinois River. For decades, O’Hare International Airport has ranked as one of the world’s busiest airports. As the “most average state”, Illinois has long had a reputation as a bellwether both in social and cultural terms and politics.
In the 1810s, settlers began arriving from Kentucky. In 1818 Illinois achieved statehood. The state’s population originally grew from south to north. Chicago was founded in the 1830s on the banks of the Chicago River, one of the few natural harbors on southern Lake Michigan. Railroads and John Deere’s invention of the self-scouring steel plow turned Illinois’ rich prairie into some of the world’s most productive and valuable farmlands, attracting immigrant farmers from Germany and Sweden. By 1900, the growth of industrial jobs in the northern cities and coal mining in the central and southern areas attracted immigrants from Eastern and Southern Europe. Illinois was an important manufacturing center during both world wars. The Great Migration established a large community of African Americans in Chicago that created the city’s famous jazz and blues cultures.