Tarrant Texas Triple Net Lease for Industrial Property

Name: Tarrant Texas 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:

Tarrant

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

Double Net Lease/NN Lease Tenants pay: Rent and utilities plus property taxes and building insurance premiums. Landlord pays: Maintenance costs. What to know: They're especially popular commercial lease types. Also called a net net lease. Typical usage: Any commercial space.

Protecting consumers from: unconscionable, unfair, unreasonable, unjust or otherwise improper trade practices; deceptive, misleading, unfair or fraudulent conduct. The improvement of consumer awareness and information and the encouragement of responsible, informed consumer choice and behaviour.

In terms of the Consumer Protection Act, tenants have the RIGHT to cancel their leases, as long as they qualify to do so and do so while fulfilling ALL the cancellation criteria or requirements. Tenants who do this must do so in writing and must give at least 20 days' written notice.

Triple net leases are the most popular type of commercial lease for free-standing buildings with a single tenant. Triple net leases are common in industrial properties and single-tenant retail spaces. All net leases generally favor landlord interests.

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.

A tenant on a month-to-month tenancy agreement, must give the landlord at least one rental payment period notice to end a tenancy. The tenant must give the landlord the notice on the last day of the rental payment period to move out on the last day of the following period.

What Financials Are Needed for a Commercial Lease? Bank references.Current credit reports/scores from all three reporting bureaus.Previous/current landlord references (for an existing business moving to a new location)Personal and corporate financial statement(s)A copy of your business plan.Business bank statement(s)

The Consumer Protection Act (CPA) does NOT apply to all lease agreements (or rental agreements). This is really important to know because the Consumer Protection Act has a big influence on the lease and changes the legal position between the landlord and tenant significantly.

There are three categories of leases when it comes to commercial real estate: Gross Lease (also known as Full Service Lease), Net Lease, and Modified Gross Lease. The main similarity among these leases is that they all provide a base rent with variations around who pays for which operational expense.

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Tarrant Texas Triple Net Lease for Industrial Property

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