Title: Oregon Lease of Commercial Building: A Comprehensive Guide to Commercial Leasing in Oregon Description: The Oregon Lease of Commercial Building is a legally binding document that outlines the terms and conditions for leasing a commercial property in the state of Oregon. This detailed description explores the various aspects and key points related to Oregon commercial leases, providing valuable insights to both tenants and landlords. Keywords: Oregon, lease, commercial building, tenants, landlords, terms and conditions, legal document Types of Oregon Lease of Commercial Building: 1. Full Service Gross Lease: A full-service gross lease is commonly used in commercial leasing agreements in Oregon. This type of lease agreement includes all operating expenses, utilities, property taxes, and insurance costs in the base rent. Tenants usually have minimal responsibility for property maintenance and repairs, making it a convenient option for small businesses or startups. 2. Triple Net Lease (NNN Lease): The triple net lease, also known as the NNN Lease, is another popular type of commercial lease in Oregon. In this lease arrangement, the tenant assumes responsibility for additional expenses, such as property taxes, insurance, and maintenance costs, in addition to the base rent. NNN leases are typically long-term agreements and often favored by larger corporations and established businesses. 3. Modified Gross Lease: A modified gross lease is a blend between a full-service gross lease and a triple net lease. It allows for shared responsibilities between the tenant and the landlord, with some expenses being included in the base rent and others being the tenant's responsibility. This type of lease provides more flexibility in determining who is responsible for certain costs, making it suitable for a wide range of businesses. 4. Percentage Lease: The percentage lease is commonly used in retail or commercial spaces where rent is calculated based on a percentage of the tenant's gross sales. This type of lease encourages the landlord to benefit directly from the success of the tenant's business. It often includes a minimum base rent amount to ensure a stable income for the landlord, with additional rent derived from a percentage of the tenant's sales revenue. 5. Ground Lease: A ground lease is an agreement where the tenant leases the land from the landlord and constructs their own building or structure on the premises. These leases are generally long-term, ranging from 20 to 99 years. Ground leases are frequently utilized for large-scale commercial developments or retail centers, providing tenants an opportunity to develop without the burden of land acquisition costs. In summary, the Oregon Lease of Commercial Building encompasses several types of leases, each with distinct provisions and obligations. Tenants and landlords should carefully review these lease agreements, ensuring they align with their specific needs and requirements for leasing commercial properties in Oregon.
Oregon Lease of Commercial Building
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A lease structure often depends on the landlord's preference and what is common in the market place. Some leases push all the expenses to the tenant's side of the ledger, while other leases push all the expenses to the landlord's side; and then there are many lease types in the middle.
Triple Net Lease Arguably the favorite among commercial landlords, the triple net lease, or NNN lease makes the tenant responsible for the majority of costs, including the base rent, property taxes, insurance, utilities and maintenance.
For evictions based on a violation of the lease other than nonpayment of rent, the Oregon eviction notice is 30-days, or 33-days if the notice is mailed. If the violation is an ongoing one, such as having unauthorized persons, the notice can provide that the violation be remedied within 14-days.
This lease structure makes the tenant responsible for the majority of costs. Specifically, the tenant pays the base rent, property but also taxes, insurance, utilities, and maintenance. This even includes standard property repairs associated with the commercial space being occupied.
Rent Control Limitations Oregon now has rent control that limits rent increases for existing tenants. Rent cannot be increased during any 12-month period above the existing rent in an amount greater than 7% plus the consumer price index from the previous calendar year.
Commercial leases are typically three to five years. That guarantees enough rental income for the landlords to recoup their investment. Leases are often negotiable, but for a commercial lease, landlords frequently allow customization of the space for the sake of the renting business.
3 Types of Commercial Real Estate LeasesGross Lease/Full Service Lease. In a gross lease, the tenant's rent covers all property operating expenses.Net Lease. The net lease is a highly adjustable commercial real estate lease.Modified Gross Lease/Modified Net Lease.
And, how the most common retail leases are structured: Single net lease. A single net lease, or net lease, is an arrangement where the tenant pay for utilities and property taxes.
A Triple Net Lease (NNN Lease) is the most common type of lease in commercial buildings. In a NNN lease, the rent does not include operating expenses. Operating expenses include utilities, maintenance, property taxes, insurance and property management.