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Simple English definitions for legal terms

triple net lease

Read a random definition: CASA volunteer

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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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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