(810 ILCS 5/2A-406)
(from Ch. 26, par. 2A-406)
Procedure on excused performance.
(1) If the lessee receives notification of a material or
indefinite delay or an allocation justified under Section 2A-405,
the lessee may by written notification to the lessor as to any
goods involved, and with respect to all of the goods if under an
installment lease contract the value of the whole lease contract is
substantially impaired (Section 2A-510):
(a) terminate the lease contract (Section 2A-505(2));
(b) except in a finance lease that is not a consumer
lease, modify the lease contract by accepting the available quota in substitution, with due allowance from the rent payable for the balance of the lease term for the deficiency but without further right against the lessor.
(2) If, after receipt of a notification from the lessor
under Section 2A-405, the lessee fails so to modify the lease
agreement within a reasonable time not exceeding 30 days, the
lease contract lapses with respect to any deliveries affected.
(Source: P.A. 87-493.)