(810 ILCS 5/2A-503) (from Ch. 26, par. 2A-503)
Sec. 2A-503.
Modification or impairment of rights and
remedies.
(1) Except as otherwise provided in this Article, the
lease agreement may include rights and remedies for default in
addition to or in substitution for those provided in this Article
and may limit or alter the measure of damages recoverable under
this Article.
(2) Resort to a remedy provided under this Article or in
the lease agreement is optional unless the remedy is expressly
agreed to be exclusive. If circumstances cause an exclusive or
limited remedy to fail of its essential purpose, or provision for
an exclusive remedy is unconscionable, remedy may be had as
provided in this Article.
(3) Consequential damages may be liquidated under
Section 2A-504, or may otherwise be limited, altered, or
excluded unless the limitation, alteration, or exclusion is
unconscionable. Limitation, alteration, or exclusion of consequential
damages for injury to the person in the case of consumer goods is prima
facie unconscionable but limitation, alteration, or exclusion of damages
where the loss is commercial is not prima facie unconscionable.
(4) Rights and remedies on default by the lessor or the
lessee with respect to any obligation or promise collateral or
ancillary to the lease contract are not impaired by this Article.
(Source: P.A. 87-493.)
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