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Triple Net Lease Agreement

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Triple Net Lease Agreement

File Type: Word      Price: $9.99        

                                                                                      

Summary: A Triple Net Lease is a lease that designates the tenant as being solely responsible for all of the costs relating to the asset being leased. The costs could include any upgrades, utilities, repairs, taxes, insurance, etc.; some of which are normally paid for by the landlord. This would also include any costs or efforts to maintain the property, such as landscaping, snow shoveling, etc.

 

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LEASE AGREEMENT

THIS LEASE AGREEMENT (the “Lease”) is entered into this ____ day of _________, 200__ Between ___________________________________ and _________(Tenant)_________.

Landlord and Tenant agree as follows:

       LEASE SUMMARY.

              Leased Premises.  The leased commercial real estate (the “Premises”) consists of an agreed area of approximately rentable square feet and are outlined on the floor plan attached as Exhibit A, located on the land legally described on attached Exhibit B, and is commonly known as (suite number and address).  The Premises do not include, and Landlord reserves, the exterior walls and roof of the Premises, the land beneath the Premises, the pipes and ducts, conduits, wires, fixtures, and equipment above the suspended ceiling or structural elements of the building in which the Premises are located (the Building”).  The Building, the land upon which it is situated, all other improvements located on such land, and all common areas appurtenant to the Building are referred to as the “Property.”

              Lease Commencement Date.  The Lease shall commence on ______, or such earlier or later date as provided in Section 3 (the “Commencement Date”).

              Lease Termination Date.  The Lease shall terminate at midnight on _____, or such earlier or later date, including option periods, as provided in Section 3 (the “Termination Date”). 

              Rent

Base Rent.  The base monthly rent shall be: $_______________   .             

Option Rent.  The base monthly rent for the first option period shall be: $_____. 

The base monthly rent for the second option period shall be: $_________   .

Rent shall be payable at Landlord’s address shown in Section 1(g) below, or such other place designated in writing by Landlord.  

              Security Deposit.  The amount of the security deposit is $__________. 

              Permitted Use.  The Premises shall be used only for _____________  and for no other purpose without the prior written consent of Landlord.              

Notice and Payment Addresses:

       Landlord: ________________________________      Telephone No.: ___________ 

       Fax No.:   ________________________________

                     

       Tenant: _____________________________     Telephone No.: ___________ 

       Fax No.:   ________________________________                                                                 

              Tenant’s Pro Rata Share.  Landlord and Tenant agree that Tenant’s Pro Rata Share is         %, based on the ratio of the agreed rentable area of the Premises to the agreed rentable area of the Building and all other buildings on the Property as of the date of this Lease.

       PREMISES.  Landlord leases to Tenant, and Tenant leases from Landlord the Premises upon the terms specified in this Lease.

       TERM.

              Commencement Date.  The Lease shall commence on the date specified in Section 1(b), or on such earlier or later date as may be specified by written notice delivered by Landlord to Tenant advising Tenant that the Premises are ready for possession and specifying the Commencement Date, which shall not be less than    days following the date of such notice.  If Tenant occupies the Premises before the Commencement Date specified in Section 1(b), then the Commencement Date shall be the date of occupancy.  If Landlord acts diligently to make the Premises available to Tenant, neither Landlord nor any agent or employee of Landlord shall be liable for any damage or loss due to Landlord’s inability or failure to deliver possession of the Premises to Tenant as provided in this Lease.  The Termination Date shall be modified upon any change in the Commencement Date so that the length of the Lease term is not changed.  If Landlord does not deliver possession of the Premises to Tenant within    days after the date specified in Section 1(b), Tenant may elect to cancel this Lease by giving written notice to Landlord within 10 days after such time period ends.  If Tenant gives such notice, the Lease shall be cancelled, all prepaid rent and security deposits shall be refunded to tenant, and neither Landlord nor Tenant shall have any further obligations to the other.  The first “Lease Year” shall commence on the Commencement Date and shall end on the date, which is twelve (12) months from the end of the month in which the Commencement Date occurs.  Each successive Lease Year during the initial term and any extension terms shall be twelve (12) months, commencing on the first day following the end of the preceding Lease Year, except that the last Lease  

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