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7.3.14 Leases On Real Property


A lease is a contract between the lessor and the lessee which vests exclusive, continuous possession of real property for a specific term. Individual fiscal agents are not authorized to enter into leases of real property. Per Board of Trustees Regulations the:

Board of Trustees is the legal entity for all transactions involving real property for Illinois State University. No real property shall be acquired or conveyed without Board approval. All contracts for the acquisition, conveyance or leasing of real property interests shall be made in the name of the Board and in the name of the University "for and on behalf of" whose benefit the purchase, conveyance, or lease is intended.

Contact the Purchasing Office if you wish to lease real property.

Policy Owner: Vice President for Finance and Planning

Contact: Comptroller's Office (309-438-3295)

Revised on: 06/2011

2023-02-10T08:06:44.333697-08:00 2023