triple net lease

triple net lease
Category: Real Estate & Rental Property → Renters' & Tenants' Rights

Nolo’s Plain-English Law Dictionary. . 2009.

triple net lease
triple net lease, Also known as net-net-net lease or NNN lease.
A net lease where the tenant typically pays:
• Base rent.
• Real property taxes.
• Building insurance.
• Maintenance costs.
The tenant is also typically responsible for all costs associated with the repair and maintenance of any common areas.
The allocation of costs between the landlord and tenant may vary depending on the negotiated agreement. Under a triple net lease the tenant has few legal defenses which may relieve it of its lease obligations.
A triple net lease is most commonly used when a tenant leases an entire freestanding commercial building.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

triple net lease
n.
   a lease in which the lessee's (tenant's) rent includes a share of real property taxes, insurance and maintenance as well as the basic rent. A "triple-net-lease" is standard in leases of commercial property in shopping centers and malls.
   See also: lease, rent

Law dictionary. . 2013.


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