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LSDefine

Simple English definitions for legal terms

triple net lease

Read a random definition: settlement counsel

A quick definition of triple net lease:

A triple net lease is a type of commercial lease where the person renting the property pays for more than just the rent and utilities. They also have to pay for things like insurance, maintenance, and taxes. This type of lease is popular with investors because they have less responsibility for the property and less risk. The person renting the property benefits because their rent is usually lower and they can make changes to the property. However, they also have to pay for unexpected maintenance costs and tax increases unless they agree to a limit. Triple net leases are usually long-term, lasting 10 or 15 years or even longer.

A more thorough explanation:

A triple net lease (NNN) is a type of commercial lease where the tenant is responsible for paying rent, utilities, insurance, maintenance, and taxes. This type of lease is popular among investors because it reduces their financial and managerial responsibilities over the property, and the tenant covers most of the cost fluctuations. The tenant benefits from a lower rent and more freedom to renovate or alter the property.

For example, a business owner may lease a commercial property under a triple net lease agreement. The owner would be responsible for paying rent, utilities, insurance, maintenance, and taxes. If the property requires repairs or maintenance, the owner would be responsible for covering those costs. However, the owner would benefit from a lower rent and more control over the property.

Triple net leases are generally long-term, with the most common lengths being 10 or 15 years. However, they can last much longer. It is important to note that the tenant may be responsible for unforeseen maintenance costs and tax increases unless there is a cap on the amount they are responsible for.

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babycat
10:15
woah you got a word for discord in russian that’s crazy
спасибо 🫡
triplethread
10:15
@BulbasaurNoLikeCardio: My nose is pierced and I run like 10 miles a week im good haha
BulbasaurNoLikeCardio
10:16
@babycat: if you are happy with them they look perfect, and if they are as big as you say I am sure people will still be looking with or without the piercing so you will get attention either way
Dkk
10:16
Closest I get to Russian is Lazy Square's cartoons. Should watch them. All very short cus he is lazy. https://www.youtube.com/watch?v=sGBkneu30Aw
JumpySubsequentDolphin
10:16
@BulbasaurNoLikeCardio: ohhh you mean septum? I think septum is even less painful than a nostril piercing
warning my discord pfp is fun lol and also i haven't changed my username since high school because i didn't feel like it 😭
10:18
LMAO yeah you have a fun pfp
BulbasaurNoLikeCardio
10:20
Yes the septum, so they don't feel weird or mess with breathing/running at all even when flipped in? At limit
snow
10:23
its been a quiet morning so far
LSDFan
10:23
i have no hope for today
JumpySubsequentDolphin
10:24
idk about septums, i only have nostril pierced @bulb
triplethread
10:24
snow i think we will prob hear back from kent the week of dec 1st
10:24
Past 10am and ....nothing
JumpySubsequentDolphin
10:24
I think UCLA a wave today no?
babycat
10:24
🚑
What time have UCLA waves been at
Dkk
10:24
It's only 7:24 AM. We on the west coast control the time.
thismanatemyson
10:25
UCLA please save me
triplethread
10:25
snow if i dont get invited for an honors college interview i might freak
Dkk
10:25
11:22:24 AM PST, wave will come.
triplethread
10:26
dkk are u a boy or a girl
Dkk
10:26
Wizard 101 told me I was a boy wizard.
triplethread
10:26
ok
BulbasaurNoLikeCardio
10:26
I am thinking it will be slower/quitter until after thanksgiving
snow
10:27
thread im like 90% sure im getting an R, but ive come to peace that this might be my unreasonable R for the cycle
triplethread
10:27
but snow we have the same stats. you'll be fine. i promise. if im this confident you should be too
Dkk
10:27
Only tiktok I will share cus I stay off that site.
I am sorry if you like it, but TikTok is fucking awful
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