New York Landlord Tenant Commercial Package
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How to fill out Landlord Tenant Commercial Package?
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FAQ
In commercial real estate, a net lease is a lease in which the tenant is required to pay a portion, or all, of the taxes, fees, and maintenance costs for a property.
Commercial Eviction in New York A landlord must offer the court a specific, justifiable reason to remove a commercial tenant. Failure to pay rent constitutes one of the major?but not the only?justifiable reasons for commercial eviction.
Net Lease Structures: Triple Net (?NNN?) Lease: In a Triple Net lease, the tenant is responsible for their proportionate share of property taxes, property insurance, common operating expenses and common area utilities.
A triple net lease (NNN) assigns sole responsibility to the tenant for all costs relating to the asset being leased, in addition to rent. A double net lease makes the tenant responsible for both property taxes and insurance premiums due.
A gross lease is a type of commercial real estate lease agreement where the landlord is responsible for paying all operating expenses, and the tenant pays a fixed rent.
Triple Net Lease/?NNN? Lease A triple net lease is essentially the opposite of a gross lease. The tenant (you) agrees to pay for not only the fees for rent and utilities but also all of the commercial property's operating expenses, such as maintenance fees, building insurance, and property taxes.
The amount of the security deposit is usually determined by the rent and the Tenant's credit worthiness, and the security deposit increases as the rent increases throughout the term of the lease. On a retail lease, the security deposit may be three times the monthly rent.
This tax is charged to tenants who occupy or use a property for commercial activity in Manhattan, south of the center line of 96th Street and pay at least $250,000 each year in rent.