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The document is a comprehensive lease agreement for a commercial building, outlining the terms and conditions between the lessor and lessee. It details responsibilities regarding rent payments, alterations to the premises, insurance requirements, maintenance obligations, and provisions for taxes. The lease is structured as a triple net lease, meaning the lessee is responsible for all operating expenses including property taxes, insurance, and maintenance costs. Additionally, it includes clauses on default, renewal options, and legal rights of both parties.

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What is the downside of a triple net lease?

What is $25 NNN? $25 NNN lease refers to a lease where the tenant pays a base rent of $25 per square foot plus property taxes, insurance, and maintenance costs. These additional expenses are usually the responsibility of the tenant.

What does triple net mean?

$25 NNN lease refers to a lease where the tenant pays a base rent of $25 per square foot plus property taxes, insurance, and maintenance costs. These additional expenses are usually the responsibility of the tenant.

What does triple net stand for?

Triple nets are typically calculated by projecting the total amount of expenses for the coming year, dividing it by the total rentable square footage of the building, and then dividing that by 12. This calculation gives you a monthly dollar-per-square-foot amount to charge each tenant.

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