Tarrant Texas Triple-Net Office Lease of Commercial Building

Name: Tarrant Texas 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:

Tarrant

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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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.

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.

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 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 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.

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.

A triple net leasesometimes referred to as an NNN lease, a net-net-net lease, or an absolute net leaseis a commercial leasing term that refers to a situation in which the tenant pays virtually all the operating expenses associated with maintaining the property he's renting.

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, 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.

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Tarrant County Judge Glen Whitley has signed a declaration of local disaster due to a public health emergency. Find your next Fort Worth, Tx commercial space for lease or rent.Search 2093 spaces in 1680 buildings for office, retail, or industrial spaces. This is a Commercial property located at 9262 Lakeside Court in Tarrant County. Space. All in-place leases are triple-net. Tevin Morrissette, 29, is charged with an open count of murder in the death of 33-year-old Avery Weathers.

According to police, Morissette was driving a car, a gray Volkswagen, when he lost control while turning left onto the westbound lanes of Loop 820 west toward the interchange with U.S. 290. He struck a southbound Ford Expedition with weather ballooning underneath. Weathers was transported to the University of Texas Medical Branch and later died from his injuries. According to court documents, the crash happened around 11am on July 17th on Loop 820 near U.

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Tarrant Texas Triple-Net Office Lease of Commercial Building

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