Illinois Compiled Statutes 30 ILCS 500/40-33 – Leased property square footage reduction
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Terms Used In Illinois Compiled Statutes 30 ILCS 500/40-33
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
When operational needs indicate that reduction in the square footage of a leased property is necessary and in the best interests of the State, a contract for the lease of real property may be amended to reduce the square footage of the leased property, regardless of the method of procurement or source selection.