net-net-net lease

net-net-net lease
triple net lease, Also known as net-net-net lease or NNN lease.
A net lease where the tenant typically pays:
• Base rent.
• Real property taxes.
• Building insurance.
• Maintenance costs.
The tenant is also typically responsible for all costs associated with the repair and maintenance of any common areas.
The allocation of costs between the landlord and tenant may vary depending on the negotiated agreement. Under a triple net lease the tenant has few legal defenses which may relieve it of its lease obligations.
A triple net lease is most commonly used when a tenant leases an entire freestanding commercial building.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Игры ⚽ Нужно сделать НИР?

Look at other dictionaries:

  • net lease — see lease Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. net lease …   Law dictionary

  • net-net lease — USA double net lease, Also known as net net lease or NN lease. A net lease where the tenant typically pays: • Base rent. • Real property taxes. • Insurance costs …   Law dictionary

  • Net lease — Contents 1 Types of net leases 1.1 Single net lease 1.2 Double net lease …   Wikipedia

  • Net Lease — A provision that requires the tenant to pay a portion or all of the taxes, fees and maintenance costs for the property in addition to rent. Net lease requirements are most commonly used with commercial real estate. There are three primary types… …   Investment dictionary

  • net lease — Leases that require the lessee to pay expenses. For real estate leases, see triple net. For personal property leases, a net lease is a lease that requires the customer/lessee to pay for the insurance, maintenance, and all taxes, if any, levied on …   Financial and business terms

  • absolute triple net lease — USA absolute triple net lease. Also known as a bondable lease. An extreme variation of a net lease , where the tenant is typically responsible for all, or most, of the risks related to the real property. A tenant is usually responsible for all of …   Law dictionary

  • net lease — noun Etymology: net (III) : a lease requiring the lessee to assume all operating expenses (as maintenance, insurance, taxes) in addition to the payment of rent …   Useful english dictionary

  • Net lease — A lease arrangement under which the lessee is responsible for all property taxes, maintenance expenses, insurance, and other costs associated with keeping the asset in good working condition. The New York Times Financial Glossary …   Financial and business terms

  • triple net lease — See: net lease Category: Real Estate & Rental Property → Renters & Tenants Rights Nolo’s Plain English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009. trip …   Law dictionary

  • Triple Net Lease — A lease agreement that designates the lessee (the tenant) as being solely responsible for all of the costs relating to the asset being leased in addition to the rent fee applied under the lease. The structure of this type of lease requires the… …   Investment dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”