Santa Clara California Triple Net Lease for Commercial Real Estate

Name: Santa Clara California Triple Net Lease for Commercial Real Estate
Brand: US Legal Forms
Rating: 4.77 (257 reviews)

Category:

Landlord Tenant - Commercial Leases

State:

Multi-State

County:

Santa Clara

Control #:

US-01668-AZ-4

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

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.

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.

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.

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.

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)

A triple net lease is one of three types of net leases, a type of real estate lease where a tenant pays one or more additional expenses. Net leases generally include property taxes, property insurance premiums, or maintenance costs, and are often used in commercial real estate.

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.

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.

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.

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Apply to rental units for free. We help clients purchase, sell, and lease commercial real estate.We do real estate sales locally and nationally along with full-service leasing locally. In a Triple Net lease, the tenant pays for all fees, taxes, insurance and operating expenses associated with the space. Utilities, building services and property expenses are included for full service leases but excluded from base rent for triplenet leases. Find your next Santa Clara, Ca commercial space for lease or rent. Search 663 spaces in 353 buildings for office, retail, or industrial spaces. We're the largest independent commercial real estate firm in the region, and you can find us right here in the heart of downtown San Jose. Search homes for sale, new construction homes, apartments, and houses for rent. See property values.

Santa Clara California Triple Net Lease for Commercial Real Estate

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