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Triple-Net (NNN) Lease Agreement Template

Image 1

Created by:

​[Landlord.FirstName][Landlord.LastName]

​[Landlord.Company]​

Prepared for:

​[Tenant.FirstName][Tenant.LastName]

​[Tenant.Company]​

Utilize this Triple-Net (NNN) Lease Agreement Template in commercial real estate transactions when transferring operating expenses, including property taxes, insurance, and maintenance costs, to the tenant. Opt for this arrangement to ensure a predictable income stream while assigning various property-related responsibilities directly to the tenant.

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:

1. 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].

2. 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].

3. 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).

4. 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.

5. 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.

6. Rental space

The total rentable space of the premises consists of (Square.Footage) square feet (SF).

7. Rent

In this Triple Net Lease template, you must define the rent payment terms clearly to avoid any misunderstandings. State the total amount of rent to be paid by the tenant, the frequency of payments (daily, monthly, or yearly), and any late fees that may apply.

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).

9. Security deposit

Specify the amount of the security deposit that the tenant must provide and how it’ll be used to cover damages and repairs. Also, upon termination, state when the tenant should expect to receive the security deposit less any fees for damages above normal wear and tear (in this case, with an itemized list for damages incurred).

The Tenant shall put down a security deposit in the amount of (Deposit.Amount), which will cover damages and repairs as required by law.

10. Tenant possession

Clearly state when the tenant will take possession of the premises and whether they can access common areas within the building and parking lot.

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.

11. Premises upkeep

The Tenant agrees to cover all costs associated with upkeep on the premises as outlined by the Triple-Net Lease Agreement.

12. 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.

13. 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.

14. Taxes

The Tenant agrees to pay for residential and personal taxes on the premises outlined by the Triple-Net Lease Agreement.

15. 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.

16. 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.

17. 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.

18. 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.

19. Notices

All notices can be sent to the [Landlord.StreetAddress][Landlord.City][Landlord.State][Landlord.PostalCode].

20. Attachments

The following Attachments will accompany this agreement:

Attachment A: (Attachment.Name)

Attachment B: (Attachment.Name)

Attachment C: (Attachment.Name)

Further, both parties recognise 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:

​

MM / DD / YYYY
Signature

​[Landlord.FirstName]​[Landlord.LastName]​

​

MM / DD / YYYY
Signature

​[Tenant.FirstName]​[Tenant.LastName]​

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FAQ: Triple-Net (NNN) Lease Agreement Template

  • A triple net lease (or an NNN lease) is a form of lease agreement where the tenant is obligated to cover taxes, maintenance, and insurance for the property. These expenses are collectively known as “the three nets,” hence the name.

  • NNN is considered a relatively low-risk investment because it reassigns most of the risks to the tenant. It is also low-cost, as the tenant also handles the overhead. There are some benefits for the tenant as well, as they can negotiate a lower base rent.

  • Some of the best NNN properties are fast food restaurants with drive-thrus, retail pharmacies, and gas stations/convenience stores. Such tenants tend to have good credit ratings and provide reliable income streams.

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Triple-Net (NNN) Lease Agreement Template

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