Business and Financial Policies and Procedures
 

Enter into Leases or Licenses for Real Property

Before You Begin

All units must work with the Office of Capital Programs and Real Estate Services (OCPRES), which will develop, draft, and execute all leases and licenses for the use of real property. This includes both leasing off-campus space for University occupation and licensing on-campus space for use by third parties.  All leases for real property must be in accordance with Article 40 (30 ILCS 500/40-5).

You MUST have a fully executed lease before you may occupy off-campus space or a fully-executed license before you may permit occupation of on-campus space by others.

Begin

To enter into a lease or license for real property:

  1. Plan ahead – it may require six months or more to complete a lease/license transaction, depending on the circumstances of the transaction.
  2. Obtain the approval of your dean and provost and submit to OCPRES. An e-mail is acceptable. Include the C-FOP to which the lease expenses will be charged.
  3. OCPRES works with you to develop, draft, and execute the lease and/or license contracts.
  4. OCPRES submits all leases/licenses for review and approval to the Office of University Counsel.
  5. The Board of Trustees or its designated signators executes the lease or licenses.

 

Additional Resources

Each campus has specific processes for the lease/license of space. Consult the Office of Capital Programs and Real Estate Services website for more specific information.

 

Last Updated: June 1, 2011 | Approved: Senior Associate Vice President for Business and Finance - June 2011