San Bernardino California Triple-Net Office Lease of Commercial Building

Name: San Bernardino California Triple-Net Office Lease of Commercial Building
Brand: US Legal Forms
Rating: 4.6 (369 reviews)

Category:

Landlord Tenant - Commercial Leases

State:

Multi-State

County:

San Bernardino

Control #:

US-1340860BG

Format:

Instant download

Description

A triple net lease is a lease in which provision is made for the lessee to pay, in addition to rent, all expenses associated with the property such as property taxes, insurance and maintenance and operation charges. Triple net leases are commonly used in commercial properties, such as shopping malls and apartment buildings.

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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. These expenses are in addition to the cost of rent and utilities.

In a net lease, the tenant pays a portion or all of the taxes, insurance fees, and maintenance costs for a property in addition to rent. Net leases are commonly used in the commercial real estate sector.

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.

Multi-Tenant Net Lease Example Each tenant will have their own net lease agreement with the landlord in which the tenant pays rent, property taxes, and insurance. Examples of properties that commonly have multi-tenant net leases include: Retail strip malls. Shopping malls.

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 gross lease is beneficial for both the tenant and the landlord. For tenants specifically, a gross lease makes budgeting each month much easier because the price and expenses of renting and using the space don't fluctuate depending on the cost of use and repairs.

The process of assignment of a lease is essentially selling the lease to a third party (the assignee). If you are a commercial property tenant, your contract likely contains a clause that allows you to assign your lease to a new tenant. To do this, you will need to find a potential new tenant yourself.

A triple net lease is the flipside to a gross lease, where the tenant pays a simplified, all-inclusive rent to the landlord, who uses that cash to cover the expenses of running the building as they see fit.

The tenant pays for property taxes, insurance, and maintenance of the roof, structure, and common areas of the NNN property. The difference between a triple net lease and an absolute net lease is that in a triple net lease, the tenant may not pay for expenses directly.

A triple net lease, also known as a net-net-net lease, requires the tenant to pay rent plus all three additional expenses. Rents are generally lower with net leases than traditional leasesthe more expenses a tenant has to bear, the lower base rent a landlord charges.

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Double net (NN) leases are also common in commercial real estate. Find out more about a triple net lease inspection in Commercial Real Estate Inspectors, LLC July 2011 blog post.In a gross lease, the tenant only pays rent. Get top headlines from the Union-Tribune in your inbox weekday mornings, including top news, local, sports, business, entertainment and opinion. The L.A. Times is a leading source of breaking news, entertainment, sports, politics, and more for Southern California and the world. We offer affordable personal loans and credit cards, and community support. Explore the newest Toyota trucks, cars, SUVs, hybrids and minivans. See photos, compare models, get tips, calculate payments, and more. Resolution Trust Corporation (U.

San Bernardino California Triple-Net Office Lease of Commercial Building

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