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A triple net lease (NNN) is an agreement between a commercial property owner and a tenant, commonly used for retail, industrial, and standalone buildings. In this lease, "net" refers to the tenant's responsibility for three expenses: property insurance, real estate taxes, and common area maintenance. These costs are typically estimated annually and added to the monthly rent. At year-end, if actual costs are lower, the tenant receives a refund; if higher, the tenant pays the difference. Tenants often request a cap on the triple net expenses to limit potential increases. The tutorial will also provide a free lease template.