Hennepin Minnesota Triple Net Lease for Industrial Property

Name: Hennepin Minnesota Triple Net Lease for Industrial Property
Brand: US Legal Forms
Rating: 4.55 (375 reviews)

Category:

Landlord Tenant - Commercial Leases - Triple Net

State:

Multi-State

County:

Hennepin

Control #:

US-01668-AZ-3

Format:

Instant download

Description

This form is for the lease of a commercial building. The document also provides that this lease will in all respects be treated as a triple net lease with all costs and expenses paid for by the lessee, including, but not limited to, real and personal property taxes; fire, casualty, theft, and liability insurance; trash removal; water, gas, electricity and other utilities; repairs and maintenance and all improvements.

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FAQ

A gross lease is the exact opposite of a triple net lease. Here, the landlord pays the expense of property taxes, property insurance and building maintenance. The monthly rent charged the tenant is significantly higher to cover these additional costs.

Calculating a Triple Net Lease Triple net leases are calculated by adding the yearly taxes on the property and the insurance for the space together and dividing that amount by the building total rental square footage.

Triple Net Leases A tenant will pay a monthly base rent, along with property and real estate taxes, insurance on the building, and substantially all maintenance costs. Maintenance costs in a triple net lease will generally include both operational expenses and capital expenditures.

Triple Net Lease Expenses The tenant in a triple net lease pays for all three categories of expenses on top of his base rent, as well as his own personal insurance premiums, utilities, and for things such as janitorial services.

In a single net lease, the tenant pays a lower base rent in addition to property taxes. Double net leases include property taxes and insurance premiums, in addition to the base rent. A triple net lease includes property taxes, insurance, and maintenance costs, in addition to the base rent.

A triple net lease, also known as an NNN Lease, is a lease in which the tenant agrees to pay their pro-rata share of all expenses associated with property maintenance, taxes, and insurance, in addition to a predetermined base rental rate. These expenses are commonly referred to as operating expenses.

A triple net lease (triple-net or NNN) is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance.

Example of Calculating Monthly Rent in a NNN Lease Let's say an office building has a quoted rate of $30 NNN. This means that the rent is $30 per square foot per year PLUS the NNN. The estimated operating expenses (aka NNN) are $10 per square foot per year. The total yearly rent you would pay equals $40 sf per year.

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Hennepin Minnesota Triple Net Lease for Industrial Property

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FAQ

What is the opposite of a triple net lease?

How rent is calculated in triple net lease?

Is a triple net lease a capital lease?

What are the three units in a triple net lease?

What is the difference between a net lease and a triple net lease?

Is a triple net lease an operating lease?

What is typically included in a triple net lease?

How does NNN calculate rent?

What is a triple net operating lease?

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