Triple-Net (NNN) Lease Agreement Template
This Triple-Net (NNN) Lease Agreement is entered into on this [Document.CreatedDate] between [Landlord.LastName], [Landlord.FirstName] (hereafter “Landlord”), and [Tenant.LastName], [Tenant.FirstName] (hereafter “Tenant”) under the following terms:
- Lease Premises: The Landlord shall convey to the Tenant the use of the premises at:
[Tenant.StreetAddress], [Tenant.City], [Tenant.State], [Tenant.PostalCode] with a mailing address of [Tenant.StreetAddress], [Tenant.City], [Tenant.State], [Tenant.PostalCode].
- Landlord Information: The Landlord has completed this arrangement while at the following address(s):
[Landlord.StreetAddress], [Landlord.City], [Landlord.State], [Landlord.PostalCode] with a mailing address of [Landlord.StreetAddress], [Landlord.City], [Landlord.State], [Landlord.PostalCode].
- Tenant Use of Premises: The Tenant shall be allowed to use the premises for the following reasons: List.Reasons (Only declare the main purpose. For example, if the Tenant is running an automotive repair shop, state that the Tenant will be conducting repairs on automobiles and providing services related to that industry).
- Lease Commencement Date: The Term of this lease shall begin on the date of (MM/DD/YYYY) and end on the effective date of (MM/DD/YYYY) at midnight, or 12 am or 00:00 (timezone) on each date.
- Tenant Contract and Term Renewal: The Tenant will have access to a renewal option until (Number.Of.Days) days before the termination date. The Tenant (May.Or.May.Not) discuss different terms with the Landlord at this time, but (May.Or.May.Not) discuss the terms in this agreement mid-contract.
- Rental Space: The total rentable space of the premises consists of (Square.Footage) square feet (SF).
- Rent: The Tenant is obligated to pay the Landlord a total of (Rent.Total) for the rights conveyed under this Triple-Net Lease Agreement. The amount will be paid in (Daily or Monthly or Yearly) installments in the amount of (Rent.Total) per (Daily/Monthly/Yearly). If the amount is not paid in (Number.Of.Days) days, a late fee of (Late.Fee.Total) will occur and will continue to occur until the debt is paid or the Tenant is evicted.
Annual Rent: Price per Square Foot x Total Square Footage = Annual Rent ($/yr).
Monthly Rent: Price per Square Foot x Total Square Footage = the Annual Rent and ÷ by 12 = Monthly Rent ($/mo).
Square Foot Rent: Monthly Rent x by 12 = the Annual Rent and ÷ by the Total Square Footage = Price per Square Foot ($/SF).
For every example, you still need square footage. Annual rent is the easiest to calculate.
8. Rent Increase Terms: Under our current agreement, the rent:
□ Shall remain the same during the length of the initial term.
□ Shall increase during the length of the initial term.
If the rent will increase during the length of the initial term, it will be as follows:
From (Start.Month] (End.Date), (Start.Year), to (End.Month) (End.Date), (End.Year])
(Daily/Monthly/Yearly) Rent: (Rent.Amount.Written) Dollars $ (Rent.Amount.Number).
- Security Deposit: The Tenant shall put down a security deposit in the amount of (Deposit.Amount), which will cover damages and repairs as required by law.
- Tenant Possession: The Tenant shall take full possession of the premises on the first day of the Triple-Net Lease Agreement and extend to employees, clients, and agents for occupation in common areas within the building and parking lot.
- Premises Upkeep: The Tenant agrees to cover all costs associated with upkeep on the premises as outlined by the Triple-Net Lease Agreement.
- Maintenance: The Tenant agrees to pay for all improvements, repair, maintenance, and alterations on the premises. All alterations must be done in accordance with the law and must receive the Landlord’s written consent before commencing. The Tenant will cover the cost of all damages that occur, which includes all liens and claims made on the premises.
- Utilities: The Tenant agrees to pay for all utilities, including electricity, gas, water, heat, recycling, and garbage pickup outlined by the Triple-Net Lease Agreement.
- Taxes: The Tenant agrees to pay for residential and personal taxes on the premises outlined by the Triple-Net Lease Agreement.
- Insurance: The Tenant must provide proof of insurance to the Landlord in accordance with state and federal laws for the premises outlined by the Triple-Net Lease Agreement.
- Landlord Rights: The Landlord has the right to enter the premises as long as they provide at least 24-hour written notice to the Tenant according to property laws for the purpose of inspection and display should the Landlord wish to sell. The Landlord may display a “For Rent” sign on the premises during the last (Days) days of the Term.
- Contract Termination: Upon termination of this Triple-Net Lease Agreement, the Tenant shall return the premises to the Landlord in a similar condition in which the Tenant received the property. The Tenant acknowledges that failure to pay any debts owing to the Landlord or remove belongings from the premises before termination of the contract will result in a holdover fee of (Holdover.Fee), which will be returned upon retrieval.
- Proportionate Share: If the premises are owned by more than one party, the Tenant’s responsibility for costs will be calculated using a percentage of the total cost of expenses based on rentable floor space. It is agreed that the Proportionate Share is (Percentage.In.Letters) Percent (Percentage.In.Number %) of the total floor space.
- Notices: All notices can be sent to the Landlords (Mailing/Business) address.
- Attachments: The following Attachments will accompany this agreement:
□ Attachment A: (Attachment.Name)
□ Attachment B: (Attachment.Name)
□ Attachment C: (Attachment.Name)
Further, both parties recognize the distributor may not resell the intellectual property rights, trade-marks, and confidential information received from the client for resale prices or act as a reseller of the clients’ intellectual property in any circumstance.
IN WITNESS WHEREOF, all parties have indicated their acceptance of the terms outlined in this Triple-Net Lease Agreement by their signatures below on the date states: